North Korean Hackers May Need Months to Launder $3.3 Billion From Binance Heist
Summary
- Blockchain analytics specialists said it could take months or longer to launder about $3.3 billion still in the hackers’ hands out of the roughly $6.3 billion stolen in the Binance hack.
- The hackers are expected to split the stolen funds into small amounts and route them through DeFi, cross-chain bridges, and crypto mixing services to make them harder to trace, before trying to cash out through exchanges with weak KYC checks and OTC brokers.
- Blockchain analytics firm Elliptic said the hackers carried out 40,000 transactions using about 12,000 wallets in the four days after the hack.
Forecast Trend Report by Period
Hackers behind the Binance breach may need several months or longer to launder the stolen funds, according to an analysis.
The Financial Times reported on November 3 that blockchain analytics specialists estimate it will take months or more to launder about $3.3 billion still under the hackers’ control out of the roughly $6.3 billion stolen in the Binance hack.
The hackers are breaking the stolen funds into smaller sums and routing them through decentralized finance, or DeFi, platforms, cross-chain bridges and crypto mixing services to make the money harder to trace. They are then expected to try to cash out through exchanges with weak know-your-customer, or KYC, checks and over-the-counter, or OTC, brokers.
Blockchain analytics firm Elliptic said the hackers carried out more than 40,000 transactions using about 12,000 wallets in the four days after the breach.
Earlier, the Federal Bureau of Investigation identified the North Korea-linked hacking group TraderTraitor as being behind the Binance hack on November 31. North Korea has denied the allegations.
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