Binance Hack: $8 Million in Bitcoin Moves As Price Hits $12K

The group that hacked cryptocurrency exchange Binance for 7,000 Bitcoins in May appear to be capitalizing on BTC’s bullish price move above $12,000.

$8 Million in Stolen Bitcoin From Binance on the Move

As reported by TNW, on July 8 more than $8 million in stolen Bitcoin from cryptocurrency exchange, Binance was moved. Twitter-based crypto transaction bot @whale_alert picked up on the transactions with one totaling 707.1 BTC while the other was 1 BTC.

The funds were transferred from one hacker’s wallet to a pair of separate addresses and interestingly the move coincides with Tether’s recent USDT printing frenzy and Bitcoin’s strong upside move to $12,750. 

Initially, when the attack occurred in May, Binance CEO Changpeng Zhao openly discussed the possibility of the crypto exchange rolling back Bitcoin’s blockchain to nullify the attack but Zhao quickly binned the idea after the cryptocurrency community objected to launching a 51-percent attack against the network.

Throughout June, the hackers quietly transferred allotments of the 7,000 stolen BTC to seven wallets according to London-based research analysts at Coinfirm, the hackers moved all 7079 BTC.

At the time, Coinfirm chief information officer Pawel Alexsander told Reuters: 

Exchanges are obliged to have KYC (know-your-customer) processes in place. In practice, many of them do not do this properly. People can open fake accounts, and deposit the funds to that account.” 

To date, 10 percent of the stolen funds have been transferred and analysts and crypto-fanatics are keeping a close eye on the Bitcoin addresses of various cryptocurrency exchanges as the hackers probably searching for a place to deposit and cash out their hoard. 

Do you think the Binance Bitcoin hackers will be able to cash out their stolen BTC? Share your thoughts in the comments below! 

Images via Shutterstock, Twitter: @whale_alert, @Coinfirm_io