The 1,400 BTC from an Electrum wallet Hack was Traced to a Binance Account

News • 2020/09/01 • by Remitano

A GitHub user reported on August 30 about the 1,400 bitcoin he lost through a massive attack on his electrum wallet after he decided to open his wallet after three years of not using it, his whole balance had been transferred to a mysterious Account.

However, N-chain analysis shows that the thieves' transferred the funds to a Binance account wallet and the transaction of the stolen coins was traced to st. Petersburg in Russia, but the fraudsters probably utilized a Virtual private network to conceal their exact address.

Electrum software has been observed to be secure if configured the right way; therefore, how the hack was executed is still unclear.

A Binance withdrawal was carried out around January 2018 from the attacker's address. However, the transaction number correlates with more than 75 specific addresses associated with it. The addresses involved has been blacklisted by Binance, as Tweeted by Changpeng Zhao, the chief executive officer of Binance.