The identity of hacker behind 1,400 BTC Electrum wallet may not be a mystery for much longer cause it is related to Binance

As AZCoin News reported, an Electrum user claims to have lost 1,400 BTC by downloading an old version of the popular software wallet that is running on malicious servers. Then, according to the N-chain analysis, the hackers apparently had a Binance account and that some of the transactions used to move the stolen coins may have originated in St. Petersburg, Russia. However, it is important to note that conclusions afforded by on-chain research are generally more probabilistic than deterministic.

N-chain analysis indicates that the Electrum hackers had a Binance account

the-identity-of-hacker-behind-1400-btc-electrum-wallet-may-not-be-a-mystery-for-much-longer-cause-it-is-related-to-binance

On-chain analysis of the hack | Source: Cointelegraph, Crystal Blockchain

Even so, it’s not clear how the attack was performed, as Electrum’s software is considered secure if configured properly. The complainant said that the attack happened after he ran the wallet for the first time since 2017. He alleged that when he installed a software update, his entire balance was transferred. to an unknown address.

The two-step way of addressing the scammer is a Binance 5 BTC draw that occurred in January 2018. No other entity appeared in the middle, so Binance probably must have the identity of the hacker or plus. business, as long as the exchange has a Know Your Customer process for the right location.

Interestingly, Binance CEO Changpeng Zhao tweeted yesterday that his exchange blacklisted related addresses:

After gaining control of more than 1,400 BTC, criminals began moving them and diversifying them into smaller wallets. In a few cases, the Bitcoin node processing these transactions has been tracked to St. Petersburg, Russia – although it is possible that thieves are using a VPN to obscure their physical location.

Up to now, Binance has not responded to this incident.

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