Binance Hackers Bombard Chipmixer to Launder at Least 4,836 BTC

At least 4,836 Bitcoin (BTC) of stolen from Binance exchange in May 2019 was laundered through crypto mixing service Chipmixer.

Attackers started laundering the stolen funds in a month after the hack

Following a major Binance’s security breach that resulted in a loss of 7,000 BTC (more than $80 million at press time), hackers started to launder the stolen funds on June 12, 2019, according to research published by Luxembourg-based crypto capital flow firm Clain.

As Clain noted in the study, it was pretty straightforward to trace the subsequent steps of the attackers as it is “practically impossible to launder big volume of coins in a relatively short period of time.” As such, the researchers managed to detect the initial pool of hacker’s addresses, while further extraction of those addresses allowed them to recognise subsequent alteration to ownership of stolen funds by using a neural network, the report says.

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