• About
  • Contact Us
Saturday, July 2, 2022
Cryptos Newz
No Result
View All Result
  • Home
  • News

    Breaking: Boeing Is Said Close To Issuing 737 Max Warning After Crash

    BREAKING: 189 people on downed Lion Air flight, ministry says

    Crashed Lion Air Jet Had Faulty Speed Readings on Last 4 Flights

    Police Officers From The K9 Unit During A Operation To Find Victims

    People Tiring of Demonstration, Except Protesters in Jakarta

    Limited underwater visibility hampers search for flight JT610

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
    • Altcoin News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Business
  • How To Buy Crypto
  • Write For Us
  • Press Release
  • Legal Information
    • Affiliate Disclosure
    • DMCA Compliance
    • Privacy Policy
    • Contact Us
  • Home
  • News

    Breaking: Boeing Is Said Close To Issuing 737 Max Warning After Crash

    BREAKING: 189 people on downed Lion Air flight, ministry says

    Crashed Lion Air Jet Had Faulty Speed Readings on Last 4 Flights

    Police Officers From The K9 Unit During A Operation To Find Victims

    People Tiring of Demonstration, Except Protesters in Jakarta

    Limited underwater visibility hampers search for flight JT610

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
    • Altcoin News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Business
  • How To Buy Crypto
  • Write For Us
  • Press Release
  • Legal Information
    • Affiliate Disclosure
    • DMCA Compliance
    • Privacy Policy
    • Contact Us
No Result
View All Result
Cryptos Newz
No Result
View All Result
Home Bitcoin News

Binance Facilitated Crypto Theft for Years, Says Investigative Report – BeInCrypto

Crptoz by Crptoz
June 6, 2022
in Bitcoin News
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Nvidia Cards Tumble in Price as Crypto Miners Capitulate

Bitcoin Is A New Paradigm Of Stakeholder Capitalism



According to a Reuters report, Binance facilitated at least $2.35 billion worth of transactions from illegal sources between 2017 and 2022.

The investigative report claims that billions of dollars in cryptocurrency passed through Binance over the course of five years from hacking, investment fraud and the sale of illicit drugs. In one example, users of Russian-language site Hydra, a darknet drug market, processed transactions totaling $780 million through Binance between 2017 and 2022.

The aggregate figure is based on statements from law enforcement around the world, examination of court records, and analysis of blockchain data, much of which was provided by Amsterdam-based analysis firm Crystal Blockchain. Reuters also reviewed Binance client transactions on darknet sites. The data also includes crypto that went through multiple digital wallets before reaching Binance, a red flag for “indirect” money laundering according to the Financial Action Task Force.

The article also cited crypto researcher Chainalysis, who said in a 2020 report that Binance received $770 million in illicit funds in 2019 alone. However, the article also acknowledged that the amount of illegally obtained crypto passing through Binance represents a small fraction of the overall trading volume of the world’s largest exchange.

Lazarus Hack

The article featured a prominent case, when Slovakian crypto exchange Eterbase was infiltrated by North Korean hacking group Lazarus in September 2020. After stealing $5.4 million in crypto, hackers several hours later opened several anonymous accounts on Binance using only encrypted email addresses as identity. Then proceeded to convert the stolen money and obscure their traces.

These transactions were confirmed by records that Binance shared with the National Police of Slovakia. Ultimately, Eterbase was unable to locate and recover the funds. According to Eterbase co-founder Robert Auxt, “Binance had no idea who was moving money through their exchange.”

Binance reaction

While Binance CEO Changpeng Zhao was not available to comment, Chief Communications Officer Patrick Hillman responded to written questions asked by Reuters. Stating that Binance did not believe the estimate to be accurate, it neglected to provide any figures to counter the allegations, despite requests for data on the cases identified in the article.

According to Hillman, Binance is building “the most sophisticated cyber forensics team on the planet” while striving to “further improve our ability to detect illegal crypto activity on our platform”. Currently, Binance monitors transactions and uses risk assessment to “ensure that any illicit funds are tracked, deposited, recovered and/or returned to their rightful owner.” Hillman said.

Earlier this year, another Reuters investigative article accused Binance of sharing users’ personal data with Russian authorities, potentially putting them at risk of retaliation. Binance responded with a lengthy statement, claiming that the article represents a “false narrative.”

What did you think of this topic? Write to us and let us know!

Disclaimer

All information contained on our website is published in good faith and for general information purposes only. Any action taken by readers on information found on our website is strictly at their own risk.


Related Posts

Bitcoin News

Nvidia Cards Tumble in Price as Crypto Miners Capitulate

July 2, 2022
Bitcoin News

Bitcoin Is A New Paradigm Of Stakeholder Capitalism

July 2, 2022
Bitcoin News

US Regulator Charges South African MTI and Its Operator With $1.7 Billion Fraud Involving Bitcoin – Regulation Bitcoin News

July 2, 2022
Bitcoin News

Huobi Founder Li Lin To Sell His Stakes Amidst Crypto Market Crash

July 2, 2022
Bitcoin News

Just As The Harlem Globetrotters Changed Basketball Forever, The Perth Heat Can Change Sports Forever With Bitcoin

July 2, 2022
Bitcoin News

Is Bitcoin really cheap at $19,000? Assessing if it could go further down

July 2, 2022
Next Post

Bitcoin Fees Indicator Shoots Late Bear Market Signal | Bitcoinist.com

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

POPULAR NEWS

Man Who Broke into Terra Founder’s House Was Crypto Investor Who Lost 3 Billion Won

May 16, 2022

When SHIB? Robinhood CBO States They Seek Compliant Ways to Increase Crypto Offering

February 9, 2022

Dock Launches Ambassador Program – Press release Bitcoin News

January 17, 2022

Why You Should Stack Sats To Celebrate Father’s Day

June 19, 2022

Ted Cruz: Texas Should Be “Ground Zero” for Crypto Industry

March 3, 2022

EDITOR'S PICK

WAVES PRICE PREDICTION 2022 – WAVES CRYPTO PRICE PREDICTION – WAVES NEWS TODAY – WAVES COIN ANALYSIS

June 1, 2022

Ethereum Trading Volume Plunges $1.5 Trillion in Quarterly Low

April 19, 2022

Ethereum Surpasses $25 Billion in All-Time NFT Sales 

June 1, 2022

Floki Inu Faces Setback in Ireland

February 18, 2022

About

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Follow us

Categories

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business
  • Cryptocurrency News
  • Ethereum News
  • How To Buy Crypto
  • News
  • Uncategorized

Recent Posts

  • The decoupling manifesto: Mapping the next phase of the crypto journey
  • Nvidia Cards Tumble in Price as Crypto Miners Capitulate
  • Bitcoin Is A New Paradigm Of Stakeholder Capitalism
  • Hiring top crypto talent can be difficult, but it doesn’t have to be
  • Home
  • News
  • How To Buy Crypto
  • Write For Us
  • Press Release
  • Legal Information

© 2022 CryptosNewz - Premium Cryptocurrency News Blog CryptosNewz.

No Result
View All Result
  • Home
  • News
    • Altcoin News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Business
  • How To Buy Crypto
  • Write For Us
  • Press Release
  • Legal Information
    • Affiliate Disclosure
    • DMCA Compliance
    • Privacy Policy
    • Contact Us

© 2022 CryptosNewz - Premium Cryptocurrency News Blog CryptosNewz.