Binance has published figures on its ‘Proof of Reserves’ page showing that reserves of specific cryptocurrencies are backed at a minimum ratio of 1:1, reports Bits.media.
The largest crypto exchange by market capitalisation, which fell victim to the biggest heist in the history of crypto projects, was hacked following a fake job interview and the successful use of spyware.
During the process of laundering the funds stolen from Binance, more than 20,000 wallets were used and at least 65,000 transactions were carried out, according to analysts at Elliptic. On average, a new wallet was created every 30 seconds, and a transaction took place every 10 seconds.
Security experts at Chainalysis established that Chinese money-laundering networks were involved in converting the stolen assets into cash. The hackers used sophisticated methods to cover their tracks: the tokens were transferred through thousands of digital wallets across various blockchains.
To launder part of the stolen cryptocurrency (around $430,000), the attackers used meme coins.
US authorities and some analysts believe that North Korea is behind the theft of assets from Binance wallets.
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