The $610 million recently stolen by an unnamed DeFi hacker is being actively redistributed among multiple wallets and solutions to mask the trails and withdraw digital assets into cash.
According to the blockchain insider, 1000 ETH were transferred to a new Ethereum address without any markings or tags.
Later, the DeFi hacker transferred 200 ETH to the TornadoCash coin mixing solution to conceal the stolen monies’ movements
Even though 1200 Ethereum is a little figure compared to the total of $610 million, we can see why the hacker reallocated the funds. The only method to withdraw such a big amount of a digital asset in fiat is to use centralized exchanges with high liquidity and trading activity that can handle such a massive volume of transactions.
However, any centralized exchange will currently prohibit payments from the Ronin network that have been marked as stolen. Users can track the origin and terminus of each and every coin if it is not “washed” through coin mixing solutions, thanks to the openness of blockchain technology.
Previously, a number of crypto-related organizations, including exchanges, OTC trading platforms, and DeFi solutions, warned users that any monies deemed “stolen” by the community would be restricted.
With the cooperation of the blockchain and crypto community, the second-largest breach, which saw about $600 million stolen from Poly Network, was brought to a halt, with almost every project in the space agreeing to block any inflows from the marked wallet. Aside from the blockchain community’s coordinated efforts, the hacker was threatened with criminal punishment.
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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Funds From The Biggest DeFi Hack Has Been Moving
The $610 million recently stolen by an unnamed DeFi hacker is being actively redistributed among multiple wallets and solutions to mask the trails and withdraw digital assets into cash.
According to the blockchain insider, 1000 ETH were transferred to a new Ethereum address without any markings or tags.
Later, the DeFi hacker transferred 200 ETH to the TornadoCash coin mixing solution to conceal the stolen monies’ movements
Even though 1200 Ethereum is a little figure compared to the total of $610 million, we can see why the hacker reallocated the funds. The only method to withdraw such a big amount of a digital asset in fiat is to use centralized exchanges with high liquidity and trading activity that can handle such a massive volume of transactions.
However, any centralized exchange will currently prohibit payments from the Ronin network that have been marked as stolen. Users can track the origin and terminus of each and every coin if it is not “washed” through coin mixing solutions, thanks to the openness of blockchain technology.
Previously, a number of crypto-related organizations, including exchanges, OTC trading platforms, and DeFi solutions, warned users that any monies deemed “stolen” by the community would be restricted.
With the cooperation of the blockchain and crypto community, the second-largest breach, which saw about $600 million stolen from Poly Network, was brought to a halt, with almost every project in the space agreeing to block any inflows from the marked wallet. Aside from the blockchain community’s coordinated efforts, the hacker was threatened with criminal punishment.
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.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
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