In a recent update on the $1.4 billion Bybit hack, one of the largest security breaches, the attacker reportedly used Binance to fund gas fees for executing the attack.
Blockchain analytics firm Lookonchain, reveals that the hacker received Ethereum from Binance to cover gas fees associated with the illicit transactions just three days before the hack.
This connection suggests that the hacker may have used a Binance account to facilitate parts of the operation. Security service provider Beosin recommended that Bybit contact Binance’s leadership to obtain the hacker’s Know Your Customer (KYC) information, which could aid in identifying the individual responsible for the breach.
However, the ID linked to the Binance account is most likely to be a dead end as there is a high chance it could have been bought off from the dark web.
However, this can only be confirmed by police investigation with support from both Bybit and Binance.
The attack primarily targeted one of Bybit’s Ethereum cold wallets, draining a significant amount of assets, including 401,347 ETH. The hack has also impacted the broader cryptocurrency market, with Ethereum’s price experiencing a decline of up to 6% following the news.