🚨BREAKING: Binance hackers are using money-laundering patterns NEVER SEEN BEFORE as stolen funds are rapidly circulated through thousands of transactions, according to Chainalysis.
Instead of moving the funds along a direct trail, the attackers repeatedly send them between wallets, including back to previously used addresses.
The speed and repeated patterns suggest automation designed to hide the trail of the money.
Binance's Richard Teng says the attackers used a “self-destruct mechanism” to destroy tools and traces during the intrusion.
Initial findings from Elliptic showed that ALMOST NONE of the stolen funds had reached mixers, bridges, or exchanges, making the unusual wallet movements particularly striking.
They also rushed to exchange freezeable stablecoins for assets like ETH and move funds between addresses before blacklists could catch up with them. These efforts were only partially successful.
The tactics complicate tracking and recovery, but they do not make the stolen funds invisible.
Instead of moving the funds along a direct trail, the attackers repeatedly send them between wallets, including back to previously used addresses.
The speed and repeated patterns suggest automation designed to hide the trail of the money.
Binance's Richard Teng says the attackers used a “self-destruct mechanism” to destroy tools and traces during the intrusion.
Initial findings from Elliptic showed that ALMOST NONE of the stolen funds had reached mixers, bridges, or exchanges, making the unusual wallet movements particularly striking.
They also rushed to exchange freezeable stablecoins for assets like ETH and move funds between addresses before blacklists could catch up with them. These efforts were only partially successful.
The tactics complicate tracking and recovery, but they do not make the stolen funds invisible.
