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Binance Freeze Hackers Asset As It Stops Attempt To Launder Funds

Binance has reportedly frozen assets belonging to Upbit crypto exchange concerning the laundering charges leveled against some hackers who tried to use the exchange to liquidate their ill-gotten funds. The majority of the news happened on Twitter after a bot that tracks transactions discovered that funds that were related to the Upbit account had been moved. With Binance dedicated to freezing assets linked to the hack, the bot warned Binance that the funds that were transferred were around 137 Ethereum, which was worth $27,000.

Binance CEO Changpeng Zhao tweeted after the funds were intercepted, saying that the recovered funds would be returned to Upbit in a short while. The time that it took the hackers to move the funds to Binance and Binance blocking it was a little less than one hour. In previous years, hackers would have easily stolen crypto assets successfully, which was evident when a hacker stole 850,000 Bitcoin from Mt. Gox. Cryptocurrency exchanges and brokers are now making massive efforts to rid their platforms of hackers with wallets belonging to them suspended and the assets frozen. In light of this, Binance CEO has promised its client base that their assets are safe on the platform because the firm has super-strong security that cannot be easily hacked.

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Back in January 2019, Binance froze wallets that had assets in them, which was associated with the Cryptopia hack attack. To launder funds in the crypto market is something that can be easily done, with about 3,650 Ethereum, which was $725,000 already being withdrawn from the wallet linked in the Upbit hack under 24 hours. The hackers were smart enough to take the funds through a lot of wallets to avoid leaving shreds of evidence that would lead the authorities to them.

Uppsala reports earlier this year that they have noticed that a group was taking out funds from exchanges, which concludes that the group may have already moved assets worth $3.2 million. Binance and Bitfinex are among the exchanges that the group has used while making small transactions to avoid the authorities. The hacker’s mindset for sending $27,000 worth of Ethereum (ETH) to Binance is still unknown because the group was reported to have stolen a total of $49 million in assets last year in November. Security experts are speculating that the group may be testing the flag limit of the exchange to determine how much can be sent without the firm raising the alarm.

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Ifaenyi Egede (Nigeria)

Ifeanyi Egede is a new writer on Tokenhell, his articles are cryptocurrency news and platform review based. We recommend following his latest posts as they are always very informative and super interesting.

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