Cryptopia hack – funds reportedly being rinsed through Binance and other exchanges

Starting just five hours ago, large amounts of crypto, allegedly funds stolen in the Cryptopia hack, were consolidated and then redistributed out through Binance and other exchanges.

Analysis by Twitter user @ShaftedTangu suggests that the stolen funds are being rinsed and are probably the result of the hackers selling their funds:

The analysis suggests it’s being moved into some of the largest exchanges:

Cryptopia is a leading digital asset exchange in New Zealand with over two million users. On Monday it announced that it had “suffered a security breach which resulted in significant losses.” The exchange is remains offline, with a notice on its website that it is cooperating with “appropriate government agencies, including the NZ Police and High Tech Crimes Unit.”

New Zealand police have issued a press release which states that “A dedicated investigation team is being established in Christchurch including specialist police staff with expertise in this area. Police are also liaising with relevant partner agencies in New Zealand and overseas.”

Updated: Changpeng Zhao of Binance has confirmed it has frozen funds involved in the hack – read more here.