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Binance Exchange Plagued With $1M Ryuk Ransomware Hack Withdrawal

Binance Exchange Plagued With $1M Ryuk Ransomware Hack Withdrawal

Prominent crypto exchange Binance recently took a blow due to a recent $1 million withdrawal which researchers claim to have been connected with Ryuk ransomware attacks.

According to an article from Forbes, cybercriminals have been using this scheme since 2018, in which the FBI claims to have been able to extort up to $61 million.

The researchers, who wished to remain anonymous, said that Binance had been failing to prevent these hackers from converting their stolen crypto into fiat money. They were able to track 63 transactions that contained $5.7 million of the $61 million.

From the shady $5.7 million, hackers were able to withdraw $1 million from a Binance wallet into cash. As for the remaining $4.7 million, the researchers said that the hackers are still holding them in various off-exchange addresses.

A document published by the researchers and obtained by Forbes said that 13 Ryuk-associated bitcoin addresses which contained $1 million followed a similar pattern and that they were all sent from the hackers’ wallets to several addresses before finding their way to Binance and becoming liquidated into cash.

In the same article, Binance admitted,

Unfortunately, when it comes to tracking illicit activity on-chain, attribution is not always black and white… The recipient may be completely unaware of the fraudulent source of the transaction

Binance’s security team vowed to make it a top priority to ensure the safety of their customers as well as the integrity of the crypto space as a whole.

As of late, these ransomware hackers have been targeting hospitals and healthcare providers amid the COVID-19 pandemic, according to Interpol. These hackers would encrypt their victims’ data before demanding cryptocurrencies such as Bitcoin to unlock them.

Read Also: Hackers Nab $5.4 Million From Crypto Exchange Eterbase

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