CipherTrace Report on the Bank and Crypto Exchanges Fraud by Two Chinese Hackers

Recently, CipherTrace released a detailed analysis of how two Chinese nationals laundered stolen crypto through various banks and crypto exchanges.  The two Chinese national hackers are Tian Yinyin and Li Jidong. The two hackers got charged with money laundering conspiracy and operating an unlicensed money transmitting business by the US Department of Justice. The Technique Used to Carry out the Fraud as per CipherTrace CipherTrace reported that the two Chinese hackers used a technique known as ‘peel chains’ to hide…

Crypto Exchanges Prone Security Measures Contributing to Major Hacks

Crypto investors highly depend on crypto exchanges due to their liquidity, convenience, and provision of trading pairs. Cryptocurrency exchanges convert digital coins and are custodians and lenders through the provision of funds for margin trading. Even though crypto exchanges offer convenience, security remains a concern. Traders entrust their funds to these platforms using hot and cold wallets. Nevertheless, hacking threats in crypto exchanges are extreme. A large number of cryptocurrencies are genuinely secure because they depend on distributed ledger technology…