Mining Giant Bitmain Sues Unknown Hacker for Alleged Theft of $5.5 Million at Crypto

Bitman sues unidentified hacker who allegedly stole $5.5 million worth of crypto by using Binance and Bittrex wallets for exploitation of MANA token.
China-based Bitcoin (BTC) mining giant Bitmain has sued an anonymous hacker for its alleged refusal of cryptocurrency worth $5.5 million in Bitmain’s account on Binance in April, according to a lawsuit filed using the U.S. District Court for the Western District of Washington at Seattle on Nov. 7. As mentioned in the court record, an unidentified hacker, referred to as “John Doe” in the case, was able to shoot over Bitmain’s Binance account and utilized stored Bitcoin to manipulate the price of altcoin Decentraland (MANA) then steal the profits.Bitmain states in the court record that the amount of the business ’s losses “surpasses ” $5.5 million in “Bitcoin and other electronic assets,” also specifying that the defendant was able to sneak “roughly 617 BTC. ” The record cites that the unauthorized activity happened on April 22, when Bitcoin was trading at around $8,935. The document also explains that as part of the “scam,” the unidentified hacker utilized two of their own accounts on now-second largest crypto trade Binance, as well as around Bittrex, with around 2.3 million MANA already obtained on Bittrex. “John Doe” reportedly put purchase orders from Bitmain’s electronic wallet that provides to get MANA “and other electronic assets” using Bitmain’s bitcoins at a cost that has been “much above the going exchange rate. ” The suspect also allegedly added unnaturally inflated MANA’s cost by using Bitmain’s BTC to get Ethereum (ETH), which was then utilized to buy MANA.According into the lawsuit, the hacker further carried out a number of orchestrated transactions in the opposite path between BTC and MANA out of Bitmain’s wallet and their own, eventually apparently completing the theft by simply moving BTC in their Bitmain account “finally into an electronic wallet over the Bittrex cryptocurrency trading platform. ”In Mid-October, Cointelegraph reported the reductions caused by hacks of all crypto exchanges in the first nine months of 2018 have surpassed the amounts for the entire year of 2017 by 250 percent, using $927 million stolen. […]

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