Significant Movement of Stolen Cryptocurrency Linked to Binance Hack
Recent investigations into the massive hack of Binance have revealed notable activity in wallets associated with the perpetrator. According to blockchain analysis firm OnchainLens, around 120 million TRX (equivalent to approximately $38.78 million) was transferred and subsequently split across various addresses.
Details of the Transaction
The substantial transfer occurred today at 04:01 Turkish time, moving funds from an address that begins with “TL2F4G…” to one starting with “TRBdWq….”. OnchainLens emphasized that the transaction’s magnitude and the method of fund distribution are particularly concerning, suggesting a deliberate strategy aimed at obscuring the funds’ origin.
Indicators of Money Laundering
The analysis found that the funds were repeatedly redistributed among addresses linked to the attacker through automated transactions. Some funds were returned to wallets previously utilized, while others were sent to new addresses. This pattern suggests an ongoing attempt at money laundering, as the attacker aims to make tracking more complex.
Interestingly, cryptocurrency mixers, which are commonly used to anonymize crypto transactions, were not extensively employed during these transfers. Instead, significant movement was observed between multiple wallets, indicating the attacker opted for a more straightforward but still circuitous route.
Broader Movements Across Different Cryptocurrencies
In addition to the TRX activity on the Tron network, Bitquery documented further attempts by the hacker to consolidate stolen funds across various cryptocurrencies. On October 30th, for example, 17,260 ETH was transferred from the main recipient wallet to another address, while additional transfers took place involving ETH from several wallets. Regarding Bitcoin, it was tracked that about 18,270 BTC has been distributed among 19 different addresses.
Moreover, Bitquery noted that approximately $729 million of stolen USDT was converted into Ethereum and TRX, making it a critical aspect of the operation before freezing measures could take effect.
Financial Implications for the Attacker
The rapid maneuvering of funds did not come without a cost. Investigations suggested that the hacker incurred losses estimated at $119 million due to market fluctuations, paying prices above market value for ETH, and selling stolen tokens at low prices. Specific losses included approximately $71.5 million from high ETH purchase prices and $24.8 million from low token sales.
Unintentional Losses During Transfers
Adding to the hacker’s woes, reports emerged that during the transfers, around $3.32 million worth of altcoins was mistakenly sent to a contract address for the NEWT token, rendering these assets irretrievable. In response to these incidents, Binance confirmed that around $3 billion worth of assets have been frozen on-chain as they continue to manage the fallout from the incident.
As the cryptocurrency community remains alert to the ongoing developments related to this significant theft, the complexities involved in tracking and recovering stolen assets are becoming increasingly evident.
