Binance Hackers Moved Stolen BTC to 7 Wallet Addresses
- The attack involving BTC worth $40.7 million was the largest in 2019.
First pointed out by The Block, 6 of the addresses hold 1,060.6 BTC each while one stores 707.1 BTC. Five of these addresses including the one with 707.1 BTC are Bech32 (SegWit) addresses while the other three are P2PKH addresses.
A single transaction on Tuesday siphoned 7,074 BTC from Binance’s hot wallet. As seen on Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term analyzing platforms, the transaction had 44 outputs out of which 21 were Bech32 addresses, and 99.97 percent of the stolen funds were transferred to them.
As reported by Finance Magnates yesterday, the crypto exchange revealed the massive attack after unscheduled maintenance which affected deposits and withdrawal on the platform. Binance explained that “a large number of user API keys, 2FA codes, and potentially other info” were compromised to carry out the attack.
Binance is one of the largest crypto exchange in terms of trading volume available in the market. The attack on the exchange was the 6th biggest heist the industry has seen so far, involving $40.7 million worth Bitcoins.
Blacklisted addresses
After the attack, the exchange received massive support from the crypto community - both from the traders and its peer exchanges. Major exchanges including Coinbase blacklisted the addresses involved in the attack to prevent the hackers from cashing out the digital currencies in fiat.
I would like to thank all the peer exchanges, wallets, security/analytic teams and other service providers for responding to us and helping us in need, and blocking transactions of fraud funds. Together, we are stronger. Will be a big FF this Friday! https://t.co/kkFcxypS1m
— CZ Binance (@cz_binance) May 8, 2019
Justin Sun, a Chinese entrepreneur and founder of Tron, also pledged to deposit 7,000 BTC worth USDT in Binance to buy an array of coins.
To support @binance , I will personally deposit 7000 BTC worth USDT (40 million USDT) into @binance to buy $BNB, $BTC , $TRX & $BTT if @cz_binance agrees. No need to #FUD! Funds are #SAFU!
— Justin Sun (@justinsuntron) May 8, 2019
No rollback
Hours after the attack, Twitter was flooded with speculation of a reorganization on Bitcoin’s network to reverse the theft which was initiated after a discussion between Binance’s CEO Changpeng “CZ” Zhao and Bitcoin developer Jeremy Rubin.
After an outburst in the community against the move, it was finally confirmed that the exchange is not taking that path.
To clarify, the proposal by @JeremyRubin & @_prestwich is to construct a TX that would keep all other tx, and just distribute the hacker coins to miners (about 300 BTC/block prod).
It's not: rollback of any tx, nor is it reverting funds back to Binance. — CZ Binance (@cz_binance) May 8, 2019
First pointed out by The Block, 6 of the addresses hold 1,060.6 BTC each while one stores 707.1 BTC. Five of these addresses including the one with 707.1 BTC are Bech32 (SegWit) addresses while the other three are P2PKH addresses.
A single transaction on Tuesday siphoned 7,074 BTC from Binance’s hot wallet. As seen on Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term analyzing platforms, the transaction had 44 outputs out of which 21 were Bech32 addresses, and 99.97 percent of the stolen funds were transferred to them.
As reported by Finance Magnates yesterday, the crypto exchange revealed the massive attack after unscheduled maintenance which affected deposits and withdrawal on the platform. Binance explained that “a large number of user API keys, 2FA codes, and potentially other info” were compromised to carry out the attack.
Binance is one of the largest crypto exchange in terms of trading volume available in the market. The attack on the exchange was the 6th biggest heist the industry has seen so far, involving $40.7 million worth Bitcoins.
Blacklisted addresses
After the attack, the exchange received massive support from the crypto community - both from the traders and its peer exchanges. Major exchanges including Coinbase blacklisted the addresses involved in the attack to prevent the hackers from cashing out the digital currencies in fiat.
I would like to thank all the peer exchanges, wallets, security/analytic teams and other service providers for responding to us and helping us in need, and blocking transactions of fraud funds. Together, we are stronger. Will be a big FF this Friday! https://t.co/kkFcxypS1m
— CZ Binance (@cz_binance) May 8, 2019
Justin Sun, a Chinese entrepreneur and founder of Tron, also pledged to deposit 7,000 BTC worth USDT in Binance to buy an array of coins.
To support @binance , I will personally deposit 7000 BTC worth USDT (40 million USDT) into @binance to buy $BNB, $BTC , $TRX & $BTT if @cz_binance agrees. No need to #FUD! Funds are #SAFU!
— Justin Sun (@justinsuntron) May 8, 2019
No rollback
Hours after the attack, Twitter was flooded with speculation of a reorganization on Bitcoin’s network to reverse the theft which was initiated after a discussion between Binance’s CEO Changpeng “CZ” Zhao and Bitcoin developer Jeremy Rubin.
After an outburst in the community against the move, it was finally confirmed that the exchange is not taking that path.
To clarify, the proposal by @JeremyRubin & @_prestwich is to construct a TX that would keep all other tx, and just distribute the hacker coins to miners (about 300 BTC/block prod).
It's not: rollback of any tx, nor is it reverting funds back to Binance. — CZ Binance (@cz_binance) May 8, 2019