Hackers Are Turning Binance's Stolen Bitcoin Into Fiat

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A new analysis by Coinfirm shows the movement of the bitcoin stolen from Binance into various wallets.

The hack, which netted 7,000 BTC, happened on May 7, 2019 at 17:15:24 UTC and the hackers have been moving stolen bitcoin from wallet to wallet.

Now Coinfirm has spotted some activity that suggests the hackers are moving their gains off of exchanges and turning it into fiat.

The first transaction happened here while other transactions followed.

Most recently it's become clear that the hacker has begun liquidating the BTC on various exchanges.

"Analysis of one of the mainchains used by the hacker in layering stolen funds shows that they were able to liquidate at least 1.8087 BTC on the following exchanges," said Coinfirm's Grant Blaisdell.

De: 0,0007 BTC. WazirX: 0,0003 BTC. While caveats apply, it's clear that the hacker moved an amount of BTC to each of these exchanges and there they either left the chain - after being sold for fiat - or remained dormant.

This is obviously cold comfort to those who are watching their stolen crypto hop from exchange to exchange.

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