Key Points:
The hacking outfit Lazarus Group, which was responsible for the $635 million Ronin Bridge hack, is thought to be responsible for the attack and the subsequent transactions.
Before shifting the money to different exchanges last week, the hackers transmitted $63.5 million (41,000 ETH) to Railgun, a cryptocurrency wallet that prioritizes secrecy. After that, the bitcoin (BTC) was taken out of the exchanges and part of it was bridged to the Avalanche network.
The bridged bitcoin was exchanged for the stablecoins tether (USDT) and USDD, which were then transmitted to a multi-chain USDT address on both the Ethereum and Tron networks in an effort to further obscure the stolen assets.
After the U.S. sanctioned well-known coin mixing provider Tornado Cash, hackers are being compelled to take exceptional measures in order to convert stolen cryptocurrency to fiat currency.
In 2022, 125 hacks resulted in the loss of more than $3 billion in cryptocurrency, according to blockchain security company Chainalysis.
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