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Knowledge

New Discovery: Ronin Hackers Have Moved The Stolen $625M To Bitcoin Network

August 22, 2022 - Around 2 mins mins to read
According to the latest findings in the investigation into the Ronin hack by Axie Infinity, attackers transferred $625 million worth of USDC and ETH to an Ethereum-based Tornado Cash crypto mixer to erase their tracks. Then transfer the stolen assets from Ethereum to the Bitcoin network.
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Recall that after the Ronin bridge hack in March, attackers transferred $625 million worth of USDC and ETH to an Ethereum-based Tornado Cash crypto mixer, making it difficult for authorities to track the movements of monies. But Tornado is not the end as hackers take the next steps in obscuring transactions.

According to new findings by investigator and blockchain developer ₿liteZero, they tracked down the stolen funds and found that the attackers transferred all assets to the Bitcoin protocol using a network bridge and some cryptocurrency exchanges.

The blockchain investigator found that after the hackers withdrew the funds from Tornado Cash, they sent about 6,250 ETH ($20.7 million) to centralized exchanges (CEXs) such as Binance, Huobi, and FTX before sending the funds to North Korean crypto mixer Blender.

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Source: Twitter ₿liteZero

In May, the United States Treasury Department sanctioned Blender addresses, noting that the crypto mixer assisted the Ronin hackers in processing over $20.5 million of the stolen funds.

The hackers converted the rest of the assets to renBTC using 1inch or Uniswap. renBTC is wrapped bitcoin on the Ethereum network powered by Ren Protocol. Since Ren enables the movement of value between blockchains, the hackers were able to bridge the assets from Ethereum to the Bitcoin network.

Afterward, the hackers sent most of the funds to crypto mixers such as ChipMixer and Blender. They transferred the funds to ChipMixer before withdrawing some to Blender.

In concluding the Twitter thread, ₿liteZero said they are currently working on analyzing the hackers, although they believe that will be more complex.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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