$1 Million of Ransomed Bitcoin Was Cashed Out On Binance

1 million worth of Bitcoin from addresses linked to Ryuk ransomware attacks was moved through a wallet on Binance according to the uncovered evidence that researchers have shown.

$1,064,865 worth of Bitcoin which equals $5.7 million, from multiple wallet addresses was bounced through numerous non-connected wallets before finding its way to Binance, where it was cashed out.

“Out of the 63 sampled transactions worth around $5,700,000, it was found that over $1 million was sent from the hacking team wallets to the Binance exchange platform to cash out their ransom payments,” the researchers, who asked to remain anonymous, wrote in a document seen by a Forbes reporter and shared with Binance.

Speaking for Cointelegraph, the Binance security team has said that the fungible nature of most cryptocurrency makes it impossible to know whether a particular token has come from a fraudulent or legitimate source, once the two have been combined.

“This is further complicated by the fact that Binance has a wide variety of customers operating on its platform, with some customers receiving such funds through simple peer-to-peer trades, and others receiving through corporate services which leverage our platform for liquidity,” a member from the security team said.

The fact that Binance cannot prevent Ryuk hackers from turning the stolen bitcoin into cash can damage the reputation of one of the largest crypto exchanges in the world, researchers say. But, Binance Security Team explains that security systems and techniques are constantly evolving to identify malicious activity while minimizing false positives.

Moreover, the Ryuk ransomware was used to steal $61 million since it was created in 2018, according to the FBI, and it is a favorite tool of cybercriminals.

 

 

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