A recent analysis from Chainalysis has revealed that the perpetrators of the $6.3 billion heist from Binance Holdings are utilizing Chinese money-laundering networks to move some of the stolen cryptocurrency.
Authorities in the U.S. have linked the hackers to North Korea’s TraderTraitor group, and they have been observed rerouting stolen funds through numerous digital wallets and various blockchains to mask their traceable paths. This is not the first instance; North Korean cybercriminals have previously employed Chinese laundering methods. Chainalysis noted that they have tracked a portion—albeit a small one—of the total stolen funds flowing into these laundering channels from the Binance incident, totaling hundreds of thousands of dollars.
The movement of funds into these laundering operations, which feature over-the-counter trading desks, indicates that the hackers are attempting to withdraw the assets from blockchain platforms and convert them into cash, according to Chainalysis.