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Hackers Use Novel Laundering Methods to Hide $6.3 Billion Binance Theft
(3 hours ago) · 1 source · Summarized by CryptoBipto
Hackers who stole $6.3 billion from Binance have reportedly deployed previously unseen laundering tactics to conceal the stolen funds. The methods used represent a new approach to moving illicit cryptocurrency that has not been documented before. Details about the full scope of the laundering operation and recovery efforts remain developing.
WHY IT MATTERS
When hackers steal cryptocurrency from an exchange, they need to "launder" it — meaning they try to move and disguise the stolen funds so they cannot be traced back to the crime.
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SOURCES
- cryptoslate.com
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BNBExchange SecurityMoney LaunderingBinanceCryptocurrency TheftBlockchain Analysis