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Chainalysis Reports Binance Hacker Swapped $325 Million to Avoid Asset Freezes
(3 hours ago) · 1 source · Summarized by CryptoBipto
Blockchain analytics firm Chainalysis has reported that a hacker who targeted Binance swapped approximately $325 million in stolen funds in an effort to evade asset freezes. The swaps were reportedly designed to convert traceable assets into forms that would be harder for exchanges and authorities to freeze or recover.
WHY IT MATTERS
When hackers steal cryptocurrency, the stolen funds are recorded on a public blockchain, which means investigators can often trace where the money goes.
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SOURCES
- thedefiant.io
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