[2019-05-09] Coinfirm following Binance hacker addresses

[FreeEarnsActivist]

A team at blockchain services company Coinfirm has been watching the erratic movements of the bitcoin associated with $40 million stolen in the latest Binance breach. At 4:11 AM on May 8 the hacker or hackers moved 1214 BTC ($7.16 million) to new addresses and then moved another 1337 “to 2 new addresses held by the hacker.” This is the fourth major exchange hack of the year, following Cryptopia, DragonEx and Bithumb.

Article: https://www.coindesk.com/hackers-are-shuffling-binances-stolen-bitcoin

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[Slow death]

I thought they were talking about that they found the scammer. watching the scammers move is something positive, but without finding the scammer is doing it an unproductive task and it will be more exhausting for the community to know that the scammer is unpunished and to use the stolen bitcoins . In the world crypto the thieves go unpunished, something very sad and unfortunate

[FreeEarnsActivist]

I thought they were talking about that they found the scammer. watching the scammers move is something positive, but without finding the scammer is doing it an unproductive task and it will be more exhausting for the community to know that the scammer is unpunished and to use the stolen bitcoins . In the world crypto the thieves go unpunished, something very sad and unfortunate

Studying addresses is the solution to find the hacker.

[davis196]

Pretty interesting infographic,by the way.
What if the hackers start using bitcoin mixers?Will this make the stolen bitcoins impossible to track?
We desperately need some big crypto hacker to be caught and punished.This will restore the hope of newbies regarding cryptocurrency trading.

[joniboini]

What if the hackers start using bitcoin mixers?Will this make the stolen bitcoins impossible to track?

Depends on what mixer that he used. There was a study about Bitcoin mixer service (the paper was published in this forum iirc) that showed some mixer is easy to break, so we can know which transactions are related to one another.

The hacker(s) would probably use non-KYC exchange to liquidate his Bitcoin, so that's another problem that needs to be solved.

[Kemarit]

What if the hackers start using bitcoin mixers?Will this make the stolen bitcoins impossible to track?

Depends on what mixer that he used. There was a study about Bitcoin mixer service (the paper was published in this forum iirc) that showed some mixer is easy to break, so we can know which transactions are related to one another.

The hacker(s) would probably use non-KYC exchange to liquidate his Bitcoin, so that's another problem that needs to be solved.

Here is the study, Breaking Mixing Services.

But I guess it will take a lot of efforts to crack it down. Remember those hackers are really that intelligent and I'm sure they know how to hide from those forensic experts and avoid those exchanges that might give them a clue, so it's going to be a cat-and-mouse game from now on.

[shamc]

They will probably use a decentralised exchange or some form of atomic swap. Possible an ATM machine if they can find one without a camera

[CryptoBry]

And all the while they can do nothing about it...just enjoying watching how Bitcoin is moving from an address to another. This is just like an intellectual gratification knowing that you know what is happening and yet you are helpless about it. This is actually discouraging and disappointing, at least on my own opinion. Here we are extolling the very virtue about one of the best technologies ever devised by man yet it is honestly tied and impotent against an evil that is affecting this whole industry. Of course, I know why there is nothing we can do but I can't just avoid that empty feeling just thinking about it. So what is my main point? I am hoping that a day will come when this very technology we love can find a way to stop people from getting the incentive for hacking. Can that be possible?

[Yabes]

I thought they were talking about that they found the scammer. watching the scammers move is something positive, but without finding the scammer is doing it an unproductive task and it will be more exhausting for the community to know that the scammer is unpunished and to use the stolen bitcoins . In the world crypto the thieves go unpunished, something very sad and unfortunate

Case please... except SCAM ICO

[Siren]

A team at blockchain services company Coinfirm has been watching the erratic movements of the bitcoin associated with $40 million stolen in the latest Binance breach. At 4:11 AM on May 8 the hacker or hackers moved 1214 BTC ($7.16 million) to new addresses and then moved another 1337 “to 2 new addresses held by the hacker.” This is the fourth major exchange hack of the year, following Cryptopia, DragonEx and Bithumb.

Article: https://www.coindesk.com/hackers-are-shuffling-binances-stolen-bitcoin

What is the main goal of following or tracking the addresses? Whe. Hackers surely ready about how to segregate the coins feom exchange to wallets or some can be put in mixing sites or another thing is they already have wallets all over the world and convert the bit coin to fiats

But well this is just action today since the news is fresh but sooner this will end for notching lol

[FreeEarnsActivist]

UPDATE: According to blockchain analytics company Coinfirm, the hackers have moved the stolen bitcoin through several digital wallets, with almost all the coins now sitting in seven digital addresses. Although the movement of cryptocurrencies can be traced, the identity and location of the hackers or owners of the wallets holding the stolen coins is unknown, Coinfirm said.

Source: https://twitter.com/AMLT_Token/status/1126784443308494849

Reuters: https://www.reuters.com/article/us-crypto-currencies-binance-idUSKCN1SF230
Coinfirm: https://twitter.com/Coinfirm_io/

[Leyss]

I hope the police are also dealing with this major theft of 7,000 bitcoins from the Binance exchange. It would be much more effective if such observations were carried out in a mutually agreed manner. This will allow the police to instantly respond if hackers make a mistake and this will lead to their identification. At the same time, all these actions can later be used against these hackers in court.

[davidtld]

They can also go costumed to a Bitcoin ATM machine