Axie Infinity Ronin Hacker Moved 200 ETH to Tornado Cash and 1000 ETH to an Unknow Wallet
As reported by Coincu last week, a hacker stole around $615 million in ether (Ethereum) and stablecoins after compromising a multi-sig contract managing money in the Ronin-to-Ethereum bridge, Ronin being the blockchain underpinning Axie Infinity, the world’s most popular play-to-earn game.
According to WuBlockchain, the money stolen by anonymous hackers is now being distributed between multiple wallets and solutions to hide the tracks and withdraw digital assets into cash. The hackers have transferred 1,000 ETH, or about $3.5 million, to another Ethereum wallet with no marks or tags, although there appear to be numerous wallets involved in transactions designed to confuse investigators. (You can check more information on the Wallet Address HERE)
At the time of writing, the hacker had also transferred 200 ETH (about $7 million) to Tornado Cash, an Ethereum coin mixing service, clearly in an attempt to hide the movements of the stolen cash.
As several experts have pointed out in regards to the now-largely dismissed issue of Russian government and oligarch sanctions evasion, the liquidity in the Tornado Cash tumbler is limited, and the question is whether this hacker is able to use the tumbler to clean all of the loot or just a fraction of it. The hacker was able to take approximately 173,600 ETH and 25.5 million USDC, thus even 3000 ETH is a small amount compared to the overall amount stolen.
The only realistic way for the hacker to convert such a big sum of ether to fiat would be via controlled exchanges with high liquidity. However, when the hacker moves funds around, the Ethereum addresses used by the hacker are being recorded on a black list, and no reputable exchange would touch them. If the funds are transferred to an exchange, they will definitely be seized.
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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Axie Infinity Ronin Hacker Moved 200 ETH to Tornado Cash and 1000 ETH to an Unknow Wallet
As reported by Coincu last week, a hacker stole around $615 million in ether (Ethereum) and stablecoins after compromising a multi-sig contract managing money in the Ronin-to-Ethereum bridge, Ronin being the blockchain underpinning Axie Infinity, the world’s most popular play-to-earn game.
According to WuBlockchain, the money stolen by anonymous hackers is now being distributed between multiple wallets and solutions to hide the tracks and withdraw digital assets into cash. The hackers have transferred 1,000 ETH, or about $3.5 million, to another Ethereum wallet with no marks or tags, although there appear to be numerous wallets involved in transactions designed to confuse investigators. (You can check more information on the Wallet Address HERE)
At the time of writing, the hacker had also transferred 200 ETH (about $7 million) to Tornado Cash, an Ethereum coin mixing service, clearly in an attempt to hide the movements of the stolen cash.
As several experts have pointed out in regards to the now-largely dismissed issue of Russian government and oligarch sanctions evasion, the liquidity in the Tornado Cash tumbler is limited, and the question is whether this hacker is able to use the tumbler to clean all of the loot or just a fraction of it. The hacker was able to take approximately 173,600 ETH and 25.5 million USDC, thus even 3000 ETH is a small amount compared to the overall amount stolen.
The only realistic way for the hacker to convert such a big sum of ether to fiat would be via controlled exchanges with high liquidity. However, when the hacker moves funds around, the Ethereum addresses used by the hacker are being recorded on a black list, and no reputable exchange would touch them. If the funds are transferred to an exchange, they will definitely be seized.
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
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