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News

BNB Chain Drainers Launder ~$2.7M via Multiple Routes, Including CEXs and Tornado Cash

September 14, 2023 - Around 2 mins mins to read

Key Points:

  • Cybercriminals employ complex tactics, using intermediary addresses and mixing services, to launder stolen $BNB on the BNB Chain.
  • Illicit funds routed to major exchanges (OKX, ChangeNow, MEXC, Binance), Tornado Cash, and even bridged to ARB, revealing evolving cyber threats in the crypto space.
  • BNB Chain community and authorities actively tracing funds and seeking culprits.
Cybercriminals operating on the BNB Chain managed to launder a staggering sum of approximately $2.7 million worth of Binance Coin (BNB).
BNB Chain Drainers Launder ~$2.7M via Multiple Routes, Including CEXs and TornadoCash

The illicit funds were funneled through an intermediary address, identified as 0x9d5a, in a bid to obscure their origin and destination.

These malicious actors employed a multifaceted approach to launder the stolen BNB. They either directly transferred the ill-gotten gains to various cryptocurrency exchanges, including OKX, ChangeNow, MEXC, and Binance, or they utilized Tornado Cash, a privacy-focused Ethereum mixer, to further obfuscate the transaction trails.

The hackers leveraged the SWFT Blockchain to route the funds to centralized exchanges (CEXs), adding an additional layer of complexity to their money laundering scheme.

In addition to their interactions with CEXs and privacy-enhancing services, the cybercriminals displayed a sophisticated understanding of blockchain technology by bridging some of the stolen funds to ARB, a blockchain project, and subsequently transferring them out to BSC Token Hub.

The use of intermediary addresses, mixing services, and complex routing strategies demonstrates the increasing sophistication of cybercriminals in the crypto space. As illicit activities within the cryptocurrency ecosystem continue to evolve, it becomes imperative for security experts and blockchain projects to stay vigilant and enhance their anti-money laundering (AML) and cybersecurity measures.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

binance coin

BNB Chain

CEXs

Tornado cash

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

BNB Chain Drainers Launder ~$2.7M via Multiple Routes, Including CEXs and Tornado Cash

Key Points:

  • Cybercriminals employ complex tactics, using intermediary addresses and mixing services, to launder stolen $BNB on the BNB Chain.
  • Illicit funds routed to major exchanges (OKX, ChangeNow, MEXC, Binance), Tornado Cash, and even bridged to ARB, revealing evolving cyber threats in the crypto space.
  • BNB Chain community and authorities actively tracing funds and seeking culprits.
Cybercriminals operating on the BNB Chain managed to launder a staggering sum of approximately $2.7 million worth of Binance Coin (BNB).
BNB Chain Drainers Launder ~$2.7M via Multiple Routes, Including CEXs and TornadoCash

The illicit funds were funneled through an intermediary address, identified as 0x9d5a, in a bid to obscure their origin and destination.

These malicious actors employed a multifaceted approach to launder the stolen BNB. They either directly transferred the ill-gotten gains to various cryptocurrency exchanges, including OKX, ChangeNow, MEXC, and Binance, or they utilized Tornado Cash, a privacy-focused Ethereum mixer, to further obfuscate the transaction trails.

The hackers leveraged the SWFT Blockchain to route the funds to centralized exchanges (CEXs), adding an additional layer of complexity to their money laundering scheme.

In addition to their interactions with CEXs and privacy-enhancing services, the cybercriminals displayed a sophisticated understanding of blockchain technology by bridging some of the stolen funds to ARB, a blockchain project, and subsequently transferring them out to BSC Token Hub.

The use of intermediary addresses, mixing services, and complex routing strategies demonstrates the increasing sophistication of cybercriminals in the crypto space. As illicit activities within the cryptocurrency ecosystem continue to evolve, it becomes imperative for security experts and blockchain projects to stay vigilant and enhance their anti-money laundering (AML) and cybersecurity measures.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.