Axie Infinity’s Ronin Network Hacked Addresses Begin Transferring Stolen Ethereum…Details Here
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Answer Axie Infinity’s Ronin Network Hacked Addresses Begin Transferring Stolen Ethereum…Details Here
A follower of the crypto market is sure to have seen the hacking incident that affected the “Ronin” bridge network based on Ethereum, which resulted in the theft of more than 600 million dollars in cryptocurrencies.
Recently, there has been some activity on the blockchain addresses involved in the Axie Infinity Ronin bridge hack that occurred last month.
There have been several transactions over the past hours from the suspected Ethereum address.
The first transaction moved 1,000 Ethereum, worth approximately $3.5 million, to another address.
This was followed by several more transactions of 100 ETH, all of which went to Tornado Cash’s Ethereum mixing service and these movements were noticed by analyst Colin Wu this Monday morning.Read:The German Central Bank chooses a little-known crypto company to develop its reliance on the blockchain
The address of the hacker who stole $610 million in the Ronin_Network case is starting to move, transferring 1,000 ETH to another address and then 200 ETH to TornadoCash. https://t.co/7RYHCmwght
– Wu Blockchain 4 April 2022
Track Stolen Cryptocurrency:
Major trading platforms are rarely used by criminals as most of them require extensive KYC procedures.
Even those who do not provide fiat transfers are subject to global regulations.
However, some of the stolen funds were transferred to trading platforms such as FTX, Huobi and CryptoCom, all of which have pledged to crack down.
The hackers will likely try to obfuscate the transactions, often several times, before they can finally transfer the funds into securities somewhere.
The founder of Immutable Vision commented that this could lead to tighter regulations and punishment for legitimate investors, adding:
This is exactly what happened to the traditional banking industry, which is now a minefield of restrictions and bureaucracy.
Tornado Cash has become the weapon of choice for crypto hackers and scammers.Read:Aphelion decentralized platform shuts down and cancels trading
The platform provides private and anonymous transactions for Ethereum and ERC-20 tokens by breaking the link on the chain between the source and destination addresses.
Which is an ideal solution for anyone who wants to transfer stolen cryptocurrency.
The Ronin bridge, which enables network transmissions to and from the Axie Infinity ecosystem, was exploited and more than $610 million stolen in late March.
Sky Mavis, the company behind Axie Infinity, has since stated that it is fully committed to compensating victims of theft.
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