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29 September 2020

Japanese Crypto Exchange Accuses Binance of Helping Launder $9M From 2018 Hack - CoinDesk

Japanese Crypto Exchange Accuses Binance of Helping Launder $9M From 2018 Hack - CoinDesk


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A Japanese cryptocurrency exchange that suffered from a $60 million hack in 2018 is suing Binance for “aiding and abetting” the laundering of some of the stolen funds.

14, the Japanese exchange alleged that soon after it lost nearly 6,000 bitcoin in the 2018 hack, the thieves sent 1,451 bitcoin to an address belonging to Binance, which was worth $9.4 million at the time.

Fisco – called Zaif at the time of the hack – added that the thieves subsequently laundered the funds on the world’s largest exchange platform, due to its allegedly lax know-your-customer (KYC) and anti-money laundering (AML) protocols that “do not measure up to industry standards.”.

Fisco alleged that since Binance was notified and had “actual knowledge” that the stolen funds were sent to its platform, it “either intentionally or negligently failed to interrupt the money laundering process when it could have done so.”.

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