Cashing out 1 Million USD on Binance

Colin Baseman

Security teams keep on fighting fraud and spam constantly occurring in the crypto market community. The number of individuals who are trying to commit crimes is growing. Cybercriminals employ their specially developed schemes to avoid the regulatory system and all the limitations and restrictions that such measures usually entail.

As many mass media sources have recently reported, the executives of Binance have witnessed another outrageous event related to cashing out of one million USD of the top-ranked cryptocurrency that the criminals managed to collect. Official representatives of the well-known company state that its security team is ready to explain how the system works.

They state that their techniques are successfully evolving and what they currently utilize can help specialists identify all sorts of malicious activities. At the same time, they are aware of the measures that can minimize false positives.

Research groups have managed to uncover enough evidence that more than one million USD worth of top-ranked cryptocurrency was transferred. According to the reports, that was a Ryuk ransomware attack and there are several addresses that are linked to the wallet on the platform that used the mentioned scheme.

Professionals report that the researchers found it essential to take a sample of sixty-three transactions, representing almost six million USD of the more than sixty-one million USD estimated by the investigators to have been stolen. The attackers, as security group says, were employing the so-called Ryuk ransomware.

Details of the Criminal Event

It’s estimated that a bit less than six million USD is equal to one million BTC. This is how much money was sent from various wallet addresses. The funds were then bounced via different wallets that were not interconnected. Finally, the assets found their way to the exchange, where the cyber criminals decided to cash the stolen assets out. Investigators report that thewallet on the platform has been actively used for approximately one month. On the other hand, the most recent operation was performed last Saturday.

One day after, Forbes published the article and that’s when the criminals fully emptied the wallet. On top, there was another five million USD of the crypto that the security members tracked. They say that the hackers are still holding their stolen funds in a few addresses that do not belong to the mentioned platform. Specialists keep in touch with the press and inform the public about the most recent details of the event. They explain that the majority of cryptocurrencies have a fungible nature. This makes it close to impossible to identify how legitimate or fraudulent the source the token comes from is.