Stolen Binance Funds Still Being Laundered Through Mixers, Researchers Claim

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May’s Binance hacker has been hard at work washing his stolen bitcoins through a mixing service.Clain.io, a Luxembourg-cryptocurrency capital flows research team, says the 7,074 stolen coins are being laundered through mixing service Chipmixer. Clain says at least 4,836 bitcoins were laundered since June 12th.A bitcoin tumbling service mixes a bitcoin’s unspent transaction outputs, or UTXOs, with other users’ coins. Since bitcoins are attached to the publicly verifiable blockchain with UTXOs, mixing services are used to obfuscate transaction histories that follow bitcoins around.Chipmixer was overwhelmed with the funds, Clain states. From June 12th onward, the hacker dumped funds into the mixer with abandon.“It was pretty straightforward to trace the hacker’s subsequent steps as it is practically impossible to launder big volume of coins in a relatively short period of time. Thus, we were able to detect the initial pool of hacker’s addresses,” the company wrote.Clain says that Chipmixer has never…

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