Bitcoin Hackers Transferred $ 4 Million Like This


UK-based cryptocurrency exchange EXMO was hacked earlier in the week. Hackers stole over $ 10 million of Bitcoin (BTC), Ethereum (ETH), XRP and other cryptocurrencies from EXMO. New findings reveal how the hackers launder some of the funds they stole.

British cryptocurrency exchange EXMO was shaken by the shock of fraud on December 21. Some online wallets have detected suspicious cryptocurrency withdrawals, EXMO said. It has been announced that among the stolen cryptocurrencies are assets such as Bitcoin (BTC), XRP, Ethereum (ETH), Tether (USDT) and Zcash (ZEC). Although the value of the funds seized by the hackers is not clearly disclosed, it is suggested that the stolen amount exceeds $ 10.5 million, which is 5% of the exchange’s total assets. Hackers have successfully laundered some of the money through another cryptocurrency exchange, Cointelegraph reported today.

Explaining to its users that it was the target of hackers on December 21, EXMO announced that it stopped all withdrawals on the same day. In a statement published on December 23, the exchange announced that they could activate withdrawals for some major cryptocurrencies between December 25-26.

They laundered the stolen crypto money with this exchange

According to the new statement made by the EXMO executives, the hackers targeting the exchange managed to launder the crypto money they had, which reached 4 million dollars, through the Poloniex exchange. Laundered crypto funds have become impossible to recover by cashing in by hackers.

EXMO announced that the hackers moved the funds to 2 addresses on the Poloniex exchange on the day they carried out the attack. Speaking on the situation, the Poloniex spokesperson stated that when they contacted the EXMO team, the money in the detected accounts had already been withdrawn. According to EXMO’s research, hackers pulled around $ 1 million worth of XRP and $ 2.8 million worth of ZEC from the Poloniex exchange.

Is there a gap in Poloniex security policies?

EXMO executives claimed there was an opening in the security policies of the Poloniex exchange behind nearly $ 4 million in laundering money. According to EXMO, Poloniex may not have taken the necessary care in AML (Anti Money Laundring) and KYC (Know Your Customer) principles. EXMO also submitted a report to the Central Bank of Seychelles on Poloniex, whose headquarters moved from the USA to the Seychelles.

Poloniex denied these accusations and stated that everything was done in accordance with his book. He said Poloniex platforms adhere to strict procedures for monitoring, detecting and reporting possible money laundering and financial crimes. Stating that they use industry-leading software for operations such as identifying and verifying opened accounts, Poloniex explained that the accounts in question were created more than 4 weeks ago in accordance with the standards.


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