On Wednesday, the 8th of May 2019, one of the world’s largest bitcoin exchange platform, Binance said that it had faced a brutal hack through phishing and viruses, resulted in a theft of around 7,000 Bitcoin, the latest in a cascade of crypto thefts raising questions about the safety of crypto holders across the holder.
Nevertheless, on Thursday (May 9th), a day after the reveal of the hack, a London-based blockchain analytic company, Coinfirm, had confirmed that the hackers had moved the stolen bitcoins in to several digital wallets, making it more difficult to identify the true identity of the crypto thieves, while almost all of the coins are now veiling under seven new digital addresses.
If truth to be told, thefts of digital coins from hacks and frauds had already hit $1.2 billion over the first quarter of this year, while last year had witnessed a loss of around $1.5 billion from crypto thefts. According to the Crypto researcher, Coinfirm, movement of the cryptocurrencies could be traced and the latest findings could offer clues to the identity of the crypto hackers.
In order to convert bitcoin to a conventional currency, hackers would have to move the coins to a cryptocurrency exchange which would require details of account holders including real-world identities, unless the hackers themselves had been owning a crypto exchange.