Ryuk Ransomware Hack Wreaked $1M Bitcoin Withdrawal on Binance Exchange

Ryuk Ransomware Hack Wreaked $1M Bitcoin Withdrawal on Binance Exchange

Researchers have traced over $1 million worth of bitcoin sent as payments to Ryuk ransomware controllers and passed through a wallet on the Binance exchange platform.

According to an article from Forbes, the researchers said they had analyzed a sample of 63 transactions, linked to the Ryuk malware that was worth around $5.7 million in total, in which the FBI estimated that over $61 million have been stolen using Ryuk ransomware. 

Of the $5.7 million, hackers were able to withdraw $1 million from a Binance wallet into cash. Researchers found that hackers are still holding the remaining $4.7 million on non-exchange wallets. 

 In the Forbes 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 has numerous security systems in place, using various techniques to identify scams. The system is under continuous improvement to ensure the utmost vigilance. For such scamming activities and minimizing the risk of false-positive results.

Binance recently partnered with law enforcement in Ukraine to help identify a gang of cybercriminals who are trying to launder $42 million through the exchange.

In recent times, 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.  

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