The stolen Bitcoins from Binance are being transferred, with a single transaction worth $8 million

According to Binance's official announcement, Binance Exchange discovered a large-scale security vulnerability in the early morning of May 8, 2019. In this attack, hackers stole 7,000 bitcoins from Binance's hot wallet at block height 575012, and these bitcoins are currently being transferred.

According to a report by TNW on July 8, more than $8 million worth of stolen Bitcoin from Binance is being moved. Twitter-based cryptocurrency trading bot @whale-alert detected two transactions in the transaction, one totaling 707.1 BTC and the other for 1 BTC.

The funds were moved from a hacker’s wallet to a pair of separate addresses, and interestingly, the move coincided with Tether’s recent USDT “printing spree” and Bitcoin’s strong rally to $12,750.
When the attack occurred in May, Binance CEO Changpeng Zhao publicly discussed the possibility of using blockchain transaction rollbacks to invalidate the attack, but after the cryptocurrency community opposed launching a 51% attack, Zhao Changpeng quickly abandoned the idea. Subsequently, Zhao Changpeng stated that Binance will use the SAFU fund to pay the stolen losses in full, and no user funds will be affected.

It is reported that the hacker obtained a large number of user API keys, Google verification 2FA codes and other related information. In this attack, the hacker group used a complex attack technique, including phishing, viruses and other attack methods to steal the Bitcoin. Binance issued a statement saying: "The hacker waited patiently and completed this long-planned attack through multiple seemingly independent accounts at the most appropriate time. This transaction circumvented our existing security checks."
At the time, Coinfirm CIO Pawel Alexsander told Reuters: “Exchanges are obliged to implement KYC (know your customer) processes. In practice, many of them don’t do it properly. People can open fake accounts and deposit funds into that account.”

According to London-based Coinfirm research analysts, throughout June, the attackers have been quietly moving the 7,000 stolen bitcoins to seven wallets, and so far, 10% of the stolen funds have been moved. Analysts and the cryptocurrency community are closely watching the bitcoin addresses of various cryptocurrency exchanges because the hackers may be looking for a place to store and cash out the huge amount of bitcoin.