# 7000 BTC stolen from Binance's hot wallet



## AF 802 (May 10, 2019)

Hackers Withdraw 7,000 Bitcoins in Binance Crypto Exchange Security Breach
					

Hackers gained access to Binance crypto exchange and took 7,000 bitcoins.




					cointelegraph.com
				






> Binance, one of the largest cryptocurrency exchanges by daily trade volume, has experienced a major security breach on May 7, according to a statement shared with Cointelegraph on May 7.
> Per Binance, hackers employed a variety of tactics including phishing and viruses to obtain a large number of 2FA codes and API keys in addition to other information.
> 
> According to the exchange, there was one affected transaction, wherein hackers were able to withdraw 7,000 bitcoins (BTC) worth $40,705,000 at press time.
> ...


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## CrunkLord420 (May 10, 2019)

#TooBigToFail #SAFU #EatThatLoss


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## whatever I feel like (May 10, 2019)

Oh God no, all that money stolen. All of those lives ruined.


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## XYZpdq (May 10, 2019)

It's pretty cool that cyberhackers can online steal hyperfuture money.


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## Rei is shit (May 10, 2019)

fund arent safu


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## Underestimated Nutria (May 10, 2019)

I must be a terrible person.  I read a chinese name and instantly became rather cheery.


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## Rand /pol/ (May 11, 2019)

Do people still invest in this Ponzi scheme


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## ⠠⠠⠅⠑⠋⠋⠁⠇⠎ ⠠⠠⠊⠎ ⠠⠠⠁ ⠠⠠⠋⠁⠛ (May 11, 2019)

Pretty funny. What I wonder about is how these guys are actually going to cash this out. You can look at the transactions and see that there's been no real attempt to hide where it's all been sent.. it's just gone into a few big wallets.
https://cryptoslate.com/more-than-7000-bitcoin-stolen-from-binance-moved-to-seven-btc-addresses/amp/

Perhaps they're just extreme HODLers, but in their position I would have at least tried to launder a few hundred of those BTC as fast as possible to ensure that I wouldn't be blocked from spending them in future. As it is, it's going to be hard to spent their winnings.

From what I understand about the current state of options for hiding the origin of bitcoin used to transact illegal services/guns/drugs/laundered money, there are a few ways that this could have been done. Centralized 'Tumblers' are out, because they likely keep logs of all transactions. But there are decentralized ways for mixing up and confusing the history of bitcoins like JoinMarket and Wasabi Wallet that make it a lot harder to track the outcome of the final transactions from the initial addresses used. Even if these methods aren't perfect privacy wise, it seems like it would have been sensible to try and keep at least some of their gains as readily spendable as possible.

Or just trade the BTC for Monero.


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## AnOminous (May 11, 2019)

3119967d0c said:


> Perhaps they're just extreme HODLers, but in their position I would have at least tried to launder a few hundred of those BTC as fast as possible to ensure that I wouldn't be blocked from spending them in future. As it is, it's going to be hard to spent their winnings.



There's no way of blocking such spends, so if they're in a situation like they're already criminals, they don't really have to care.  If there were a way of marking BTC as "stolen" or otherwise unspendable, it would completely destroy the whole point of the currency and whatever system existed after instituting such a change, it wouldn't be BTC any more.

So if they can spend it for other kinds of contraband to people who sell such things, anyone who ends up with the stolen money subsequently has no obligation to care about its origin, nor will it become unspendable for someone a dozen transactions down the road.


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## BlancoMailo (May 12, 2019)

3119967d0c said:


> Pretty funny. What I wonder about is how these guys are actually going to cash this out. You can look at the transactions and see that there's been no real attempt to hide where it's all been sent.. it's just gone into a few big wallets.
> https://cryptoslate.com/more-than-7000-bitcoin-stolen-from-binance-moved-to-seven-btc-addresses/amp/
> 
> Perhaps they're just extreme HODLers, but in their position I would have at least tried to launder a few hundred of those BTC as fast as possible to ensure that I wouldn't be blocked from spending them in future. As it is, it's going to be hard to spent their winnings.
> ...



I'll fully admit I don't know much about this internet monopoly money but can't you send it to a hardwallet's public address and then generate new sending addresses to divide it up or something? Though I agree, the best idea seems to be to just divide it up among different blockchains with less tracking abilities for an amount that large.


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## Thought precriminal (May 12, 2019)

3119967d0c said:


> Or just trade the BTC for Monero.


There are decentralised exchanges like bisq and hodlhodl that promise to make your funds fungible. I haven't used either one and cannot vouch for them, however. Theoretically, if you _are _able to exchange tainted BTC for Monero, and then send the Monero to a wallet privately held by you, the trail will be broken. 
But in practice you would probably want to include several more steps and spread out the transfer over a long period of time in order to thwart attempts by police working with crypto exchanges to get suspicious by corroboration.


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## AnOminous (May 12, 2019)

Thought precriminal said:


> There are decentralised exchanges like bisq and hodlhodl that promise to make your funds fungible. I haven't used either one and cannot vouch for them, however. Theoretically, if you _are _able to exchange tainted BTC for Monero, and then send the Monero to a wallet privately held by you, the trail will be broken.
> But in practice you would probably want to include several more steps and spread out the transfer over a long period of time in order to thwart attempts by police working with crypto exchanges to get suspicious by corroboration.



With amounts like this there are also safety concerns.  In this case, the money is covered by other profits, apparently.  The exchange isn't going belly up ().  

But it's an amount of money that would motivate someone to kill you for it, or kidnap you and cut your fingers off one by one until you type in that key, etc.


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## 2.D. (May 12, 2019)

Plot twist: the administrator password was hunter1


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