Binance hack funds flow to Chinese launderers, Chainalysis says
The hackers have been seen transferring stolen assets through thousands of digital wallets and across multiple blockchains to obscure their origins.
According to blockchain analytics firm Chainalysis, hackers behind a $6.3 billion theft from Binance Holdings may be directing some of the stolen cryptocurrency through Chinese money-laundering networks. Identified as members of North Korea's TraderTraitor group, the hackers have been observed transferring stolen assets through thousands of digital wallets across multiple blockchains to obscure their origins.
Chainalysis has tracked hundreds of thousands of dollars from the Binance theft flow into these networks, a fraction of the total stolen. The flows into money laundering networks, which include over-the-counter trading desks, suggest hackers are attempting to take funds off blockchain networks and cash them out.
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