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Report Suggests Binance Earns $ 1 Million Bitcoin From Ryuk Ransomware

August 24, 2020

Researchers have found evidence of this Over $ 1 million worth of bitcoin (BTC) addresses associated with Ryuk’s ransomware attacks have been moved to Binance through a wallet.

According to a Forbes report dated Aug. 23 The researchers looked at 63 transactions, the equivalent of $ 5.7 million of the more than $ 61 million the FBI estimates were stolen using the Ryuk ransomware.

Of the $ 5.7 million, $ 1,064,865 worth of Bitcoin was ricocheted off multiple wallet addresses from numerous disconnected wallets before reaching Binancewhere they were charged.

Report Suggests Binance Earns $ 1 Million Bitcoin From Ryuk RansomwareReport Suggests Binance Earns $ 1 Million Bitcoin From Ryuk Ransomware

The Binance wallet was only used this monthAlthough the last transaction, which took place on August 22nd, just a day before the Forbes article was published, completely drained your wallet.

The remaining $ 4.7 million in Bitcoin that researchers are tracking is still in various addresses outside of the exchange.

Cointelegraph spoke to Binance’s security team about the incident, who explained this The transactions described in the Forbes article took place more than 18 months agoand that the relevant accounts were being tracked and verified at that point.

Also, The fungible nature of most cryptocurrencies makes it impossible to know whether a particular token is from a legitimate or fraudulent source when the two have been combined:

“This is made even more difficult by the fact that Binance has a large number of customers operating on its platform. Some customers get these funds through simple peer-to-peer transactions, others through corporate services that use the platform to maintain liquidity. “

Binance has several security systems that use different techniques to identify potentially malicious activity. “The system is constantly being improved to ensure maximum monitoring of these activities while minimizing the risk of false positives.”

As Cointelegraph reported, Binance recently partnered with law enforcement agencies in Ukraine to catch a gang of cyber criminals trying to launder $ 42 million by sharing.

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