The Wall Street Journal reports that some service providers continued to process transactions involving Binance’s stolen funds after the FBI’s appeal.
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AT A GLANCE
According to relayed reports, some crypto service providers continued to process transactions involving Binance's stolen funds and charge fees after the FBI's appeal.
Article
[The Wall Street Journal: Some service providers continued to process Binance’s stolen fund transactions after the FBI’s appeal]
According to The Wall Street Journal, a large-scale money-laundering operation was launched immediately after Binance’s hack. Chainalysis data shows that the group dispersed the funds across more than 10000 crypto wallets. Despite the FBI’s call to stop, some crypto service providers continued to process theft-related transactions and charge fees. Within 72 hours of the theft, THORChain processed over 46000000 USD in stolen funds and collected more than 200000 USD in fees; nearly 4000000 USD was mixed through Wasabi Wallet. Some developers said they cannot prevent North Korean hackers from laundering money through their platforms, which has frustrated law enforcement agencies.
Key points
01
According to the Wall Street Journal, after the Binance hack, the perpetrators immediately launched a large-scale money-laundering operation.
02
According to Chainalysis data, the organization dispersed funds across more than 10000 crypto wallets.
03
Some crypto service providers continued to process theft-related transactions and charge fees even after the FBI called for a halt.
04
THORChain processed over 46000000 USD of stolen funds within 72 hours of the theft and collected over 200000 USD in fees.
05
Nearly 4000000 USD was mixed through Wasabi Wallet.
06
Some developers say they cannot prevent North Korean hackers from laundering money through their platform.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
The report describes the transfer process of stolen crypto funds: the funds were first split across numerous wallets and then moved or mixed through certain crypto service providers. Even after the FBI called for a halt to processing, the report states that some providers continued to handle related transactions and charge fees.
Why it matters to readers
This involves the tracing of stolen funds, whether crypto service providers can block related transactions, and the difficulties faced by law enforcement when taking action.
Beginners should note that when crypto funds are dispersed across numerous wallets or routed through mixing services, tracking them may become more difficult; the platform’s processing of transactions does not mean that the source of the funds has been verified.
Risks and unknowns
The available evidence is a paraphrase of the Wall Street Journal’s report based on Telegram content, without providing the full text of the original report.
The statistical methods and full description of Chainalysis data did not appear in the evidence.
The evidence does not specify the content of the FBI’s call or when it was made.
The evidence does not provide official responses from THORChain, Wasabi Wallet, or other service providers.
The names of some developers, their affiliated projects, and the complete statements have not been provided.
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Crypto wallet
A crypto wallet is a tool that enables users to access and directly control assets and identities on public cryptocurrency networks.
