Arkham Flags $4 Million Sent to Three Binance Deposit Addresses

Arkham said wallets it associates with the Binance attacker sent $4 million to three Binance deposit addresses on Nov. 2, and described the addresses as likely representing nested services.

Nested services are third-party trading platforms that serve their own customers while using a larger exchange's accounts. The platforms use Binance for asset custody and liquidity, making them intermediaries between the exchange and their customers.

Binance has said its hot wallets were compromised Oct. 29 and estimated its losses at $6.3 billion.