More than 7,000 Bitcoin stolen from Binance moved to seven BTC addresses

More than 7,000 Bitcoin stolen from Binance moved to seven BTC addresses

The attackers that stole over $41 million in Bitcoin from Binance have been erratically moving the funds from one address to another. However, as of May 9th, all of the funds have been consolidated into just seven addresses, each one holding around 1,000 bitcoins.

Bitcoin stolen in Binance hack moved to new addresses

World’s Biggest Crypto Exchange Binance Reports 7,000 Bitcoin Hack
Related: World’s Biggest Crypto Exchange Binance Reports 7,000 Bitcoin Hack

One of the largest and most popular cryptocurrency exchanges in the world, Binance, has become the latest victim of cryptocurrency theft. The exchange experienced a “security breach” on May 8th, which resulted in over 7,000 bitcoins stolen from the exchange’s hot wallet.

The theft has been one of the largest exchange hacks not just this year, but in the entire history of the crypto industry. The proceedings from yesterday’s hack—more than $42 million worth of BTC—have been moved several times to multiple different addresses, according to blockchain services company Coinfirm.

The transaction that caused the breach had 44 outputs, Blockchain.com showed,  21 of which were native Segregated Witness addresses (starting with bc1). Reports have also shown that those 21 addresses received 99.97% of the stolen funds.

However, the funds have since been moved to seven addresses, six of which hold 1,060.6 BTC, while one holds 707.1 BTC. Coinfirm, an anti-money laundering and counter-terrorist financing firm, was the first to analyze the transactions.

The hacked bitcoin addresses can be viewed on the blockchain explorer

As of 5:00 PM UTC, May 9th. 2019, these addresses are holding the hacked bitcoins

  1. bc1q2rdpyt8ed9pm56u9t0zjf94zrdu6gufa47pf62 1060 BTC
  2. Bc1qx3628eh9tdnm0uzculu8k6r2ywfkc5zns2hp0k 1060 BTC
  3. Bc1qnf2ja3ffqzc3hskanjse6p8zag52fm6jgmmg9u 1060 BTC
  4. bc1qw7g5uxxl750t0h2fh9xajwuxp4qt634yh3vg5q 1060 BTC
  5. 16SMGihY94H8UjRcxwsLnDtxRt7cRLkvoC 1060 BTC
  6. 1MNwMURYw1LkPnnpda2DQkkUsXXeKL9pmR 1060 BTC
  7. bc1q3a5hd36jrqeseqa27nm40srkgxy8lk0v0tpjtp 707 BTC

Binance the latest in line to suffer from major hacks

With Binance being one of the most trusted names in the crypto industry, the hack caused a mass media frenzy. Theft has been one of the biggest problems the industry has been facing since its inception. According to a recent report from blockchain intelligence company Ciphertrace, hackers stole more than $356 million from exchanges and infrastructure in the first three months of 2019 alone.

While losing money has been a problem for everyone, an established exchange such as Binance rarely loses so much other information along the way. Apart from the thousands of stolen bitcoins, the exchange also lost user credentials and two-factor authentication codes.

Changpeng Zhao, the founder and CEO of Binance, was surprisingly forthcoming about the attack and has detailed the impact it had on the exchange in a blog post. Zhao said that the company will conduct a security review of all of its systems and data, which should be completed sometime next week.

Filed Under: Analysis, Binance, Bitcoin, Crypto Exchanges, Hacks
Priyeshu Garg

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in Computer Science Engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving the transportation problems at his company, he can be found writing about the blockchain or roller skating with his friends.

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