Why are Hackers Still Sending Funds to Byex?

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  • Hackers that hit Kucoin and stole XRP have sent some of th XRP to a defunct exchange
  • The XRP is still on the move, but this pot of XRP appears to be dead in the water
  • All eyes are on this specific batch of XRP to see if it moves again

Byex used to be one of the most popular exchanges for hackers to send money to thanks to lax KYC measures. However, authorities quickly caught on and Byex finally closed its doors in June 2020.

Despite the exchange showing as offline, hackers have still tried to send funds to their old wallets on the exchange. But, why are hackers sending money to a now defunct exchange? Did they not realize it was closed? Perhaps the hackers have access to a secret site!

Whale Alert Dishing out the Goods

Whale Alert is a popular Twitter account that flags up and posts information about large transactions and suspicious transactions. In the past, Whale Alert has flagged up dozens of transactions that involve stolen funds heading to Byex. Over the weekend, Kucoin was hacked, and the hackers have been moving the XRP around. A lot of movement happened on Tuesday afternoon, and several went to Byex, which is strange.

Why Send to a Shut Exchange?

On the face of it, these hackers have just lost the stolen XRP as they sent it to a wallet that no longer exists. But, the owners of the exchange, or should we say those with technical knowledge, could still have access to these wallets. If the hackers somehow have access to these wallets through these developers, then they could shit the XRP on once more and get it going again. The exchange also stopped all deposits back on June 15 2020. The motive behind sending the XRP to this exchange is still not clear, and it could have simply been an accident – for example the hackers forgot.

The rest of the XRP is still on the move and we’re no closer to seeing it returned back to Kucoin. Crypto exchanges are getting hacked all the time, making this a poignant time to remind you, not your keys, not your crypto!