OriginTrail is tracking the 7,000 BTC hacked from Binance

23 May, 2019 | Updated: 23 May, 2019
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OriginTrail is tracking the 7,000 BTC hacked from Binance

While the Binance hack may be behind everyone and long forgotten, OriginTrail have posted a Medium article stating that they are keeping a keen eye on the 7,000 BTC that was stolen from the exchange. 

One of the benefits of the blockchain, is the ability to view transactions no matter where they go. Tracking BTC transactions is a breeze, and makes it difficult for criminals to hide their tracks. 

OriginTrail brings trusted data sharing to global supply chains by utilizing blockchain technology, as they put it "Poultry or coins: The OriginTrail protocol is built to trace any data flow."

The company recently announced that they are currently making use of their technology to track the $40 million in stolen BTC. OriginTrail states that their engineering team have utilized the data available from the Bitcoin blockchain and put it in the context of GS1 standards for tracking goods and events and publishing it on OriginTrail Decentralized Network. The GS1 global standards, designed to enable visibility and identification of items in supply chains by providing a common data language.

The team also stated that they have set up an automation that will keep them updated when the hacked funds from Binance move. 

This type of software tracking, will make it extremely difficult for hackers to move and withdraw the stolen funds, and perhaps in the future will mean less interest from hacking groups as spending their stolen funds becomes harder to hide. 

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