$ 5.5 million in Bitcoins stolen by Binance: Bitmain sues "John Doe" – Live Coin Watch

Cryptographic attacks affecting British companies

In an unexpected turn of events, one of the world's first cryptographic and blockchain startups, Bitmain, has sued an anonymous hacker for $ 5.5 million in cryptographic assets in a case involving Binance.

Bitmain blames "John Doe" in a Multi-Million Crypto Hack Of Binance account

For a court document recently filed at the Washington District Court in Seattle, an "identified John Doe" stole millions of dollars in bitcoin (BTC) from Bitmain Technologies, a Beijing-based company focused on subindustry crypto mining.

Obviously disrupted by this apparent theft, the mining startup has served "John Doe" with a lawsuit, which was closed on 7 November.

So what happened to Bitmain?

Well, according to the document, Bitmain states that the hacker has seized the Binance account owned by Bitmain to increase the price of MANA, the Ethereum token of the Decentraland project. According to data from Live Coin Watch, Bitmain's claims are probably substantial, since the popular altcoin has suffered a suspicious wave in the times that the crypt started attracting attention (April 2018).

As a result of the manipulative action, Bitmain suspects that the anonymous criminal has stolen $ 5.5 million bitcoins along with "other digital assets", with the document drawing attention to a defined sum of 617 BTC that it has been stolen.

The cryptic company also claimed that "John Doe" managed to acquire 2.29 million MANA tokens on Bittrex before the hack, presumably indicating that this unfortunate security breach was planned well in advance. He then reported that he transferred 2.29 million tokens to the "John & # 39; s" Binance account, subsequently inflating the price of MANA on the Bitmain coin before liquidating its MANA holdings.

The lawsuit was allegedly archived in Washington State due to the fact that Bittrex has its headquarters in Seattle. The specificity of this deposit can give Bitmain an advantage in court and, more importantly, can help bring "John Doe", which remains nameless at the time of writing, to justice.

Commenting on this strange occurrence through Block's "Crypto Caselaw Minute" segment, Stephen Palley and Nelson Rosario, two crypto-friendly lawyers, have noted that "stealing encryption from a centralized office leaves many fingerprints". And as such, the lawyers add that Bitmain could now have the right to serve Binance with sues in court.

This, in itself, is ironic, since Bitmain's search for the true identity of the aggressor could further centralize a sector based on decentralized networks.

Regardless, the China-based cryptic mining company will probably go to the ends of the Earth to solve this case, since Bitmain would not be captured without success showing weakness while its prospective IPO on the Hong Kong Stock Exchange is awaiting approval. .

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