Stolen Binance funds traced to Chinese laundering networks, Chainalysis says
Stolen Binance funds move through Chinese laundering networks
Hackers behind the $6.3 billion theft from Binance Holdings Ltd. are moving some of the stolen cryptocurrency through Chinese money-laundering networks, according to blockchain analytics firm Chainalysis.
US authorities have identified the hackers as members of North Korea's TraderTraitor group. Chainalysis says they have been transferring stolen assets through thousands of digital wallets, which are online accounts that hold crypto, and across multiple blockchains, which are shared digital records of transactions, to obscure their origins.
Key points from the Chainalysis report
- The theft total reported is $6.3 billion from Binance Holdings Ltd.
- Some stolen funds are being moved through Chinese money-laundering networks.
- Transfers have used thousands of digital wallets and multiple blockchains.
- Chainalysis says it has tracked hundreds of thousands of dollars from the theft into those networks.
What Chainalysis says it has tracked
Chainalysis says the amount it has tracked is a fraction of the total stolen. It also says North Korean hackers have used Chinese money-laundering networks in previous thefts as well.
What is confirmed and what remains unclear
The reported attribution to North Korea's TraderTraitor group comes from US authorities, as reported by Bloomberg. The movement through Chinese money-laundering networks and the amount tracked by Chainalysis are reported by Chainalysis. The supplied material does not state how much of the $6.3 billion total has been moved, or where the rest is.
Why this movement is being watched
Moving assets through many wallets and across multiple blockchains is described in the source as an effort to obscure their origins. That makes it harder to follow where the stolen funds have gone.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.