The 7,000 Bitcoins which were stolen from the Binance exchange have been transferred by the hackers on other cryptocurrency exchanges to be converted into fiat.
According to reports made by Cybersecurity and Confirm, they found evidence that showed that the stolen crypto have been transferred into fiat on various cryptocurrency exchanges.
“Analysis of one of the mainchains used by the hacker in layering stolen funds shows that they were able to liquidate at least 1.8087 BTC (21,000.00 USD) on the following exchanges,” said blockchain company Confirm.
The hackers breached Binance’s security on May 7, 2019, at 17:15:24 (UTC), getting in the possession of 7,000 Bitcoins by employing an intricate attack consisting of phishing, viruses, and other attacks.
Binance also stated that the hacker obtained a number of API keys, 2FA codes, and other information.
“The hackers had the patience to wait and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time. The transaction is structured in a way that passed our existing security checks. It was unfortunate that we were not able to block this withdrawal before it was executed. Once executed, the withdrawal triggered various alarms in our system. We stopped all withdrawals immediately after that,” stated Binance.
Another exchange which revealed recently that it was hacked is Bithumb, sustaining a loss of three million EOS (worth $13.4 million) and 20 million Ripple coins (XRP) ($6 million).
Bithumb declared that on March 29, 2019, at around 10:15 pm they noticed irregularities in the withdrawals from their hot wallets. Bithumb has confirmed that its customer’s assets are safe as they are kept separately in cold wallets.
The incident allegedly involved inside help, with Bithumb saying that “we are conducting intensive investigations with KISA, Cyber Police Agency and security companies. At the same time, we are working with major exchanges and foundations and expect to recover the loss of the cryptocurrency equivalent.”