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Cryptocurrency News Articles
Cybercriminal Returns After Year-Long Break, Moves Millions from Crypto Exchange
May 03, 2024 at 05:17 am
A cybercriminal responsible for the $7.4 million theft from Hundred Finance has resurfaced after a year, transferring assets from Curve's decentralized exchange. The stolen funds, initially acquired by exploiting a vulnerability on the Optimism blockchain, now total $6.48 million in cryptocurrencies. The hacker's Ethereum holdings have notably increased by over $1 million. This activity coincides with a similar pattern observed in the Poloniex exchange hack, where stolen funds were moved to obscure their origins amid heightened regulatory scrutiny and crackdowns on crypto mixers.
Cybercriminal Resurfaces After Year-Long Hiatus, Transfers Millions from Cryptocurrency Exchange
In a recent development in the cryptocurrency theft arena, the individual responsible for the $7.4 million theft from Hundred Finance in 2023 has resurfaced after a year-long hiatus. On May 1, the cybercriminal initiated significant asset transfers from Curve's decentralized exchange, signaling renewed activity.
Initial Theft and Exploitation of Vulnerability
The initial theft was perpetrated by exploiting a vulnerability in the Hundred Finance project on the Optimism blockchain. The hacker artificially inflated the exchange rate for hWBTC through a 200 WBTC donation and subsequently drained Hundred Finance's lending pools using minimal amounts of hWBTC.
Peckshield, a respected on-chain security firm, analyzed the breach and identified a combination of flash loans, a rounding error, and smart contract manipulation as the means of execution.
Subsequent Transactions and Asset Conversion
Following the initial theft, the cybercriminal withdrew approximately $800,000 in Ethereum and Tether (USDT). These funds were then converted into Ethereum, along with smaller amounts of other cryptocurrencies such as PAXG and DAI. These transactions significantly increased the hacker's Ethereum holdings by over $1 million.
Currently, the hacker's portfolio comprises $6.48 million in cryptocurrencies, including $4.39 million in Ethereum, $1.24 million in DAI, $426,000 in Wrapped Ethereum, $412,000 in FRAX, and smaller amounts of Wrapped Bitcoin.
Resurfacing and Pattern of Transferring Stolen Funds
The recent asset transfers from Curve's decentralized exchange mark the cybercriminal's first significant activity since the initial theft. Notably, this method of transferring stolen funds mirrors a pattern observed with the Poloniex exchange hacker, who recently transferred a substantial amount of Bitcoin to multiple new wallet addresses.
Challenges for Cybercriminals in Laundering Stolen Assets
Cybercriminals face increasing pressure in concealing their illicit gains, particularly in converting them to fiat currencies without leaving digital traces. This challenge has been compounded by heightened regulatory scrutiny and crackdowns on services traditionally used for money laundering, such as crypto mixers.
Regulatory Crackdowns and Anti-Money Laundering Measures
Regulatory authorities have intensified their focus on preventing money laundering in the cryptocurrency space. The European Parliament, for example, voted to ban crypto mixers as part of comprehensive anti-money laundering measures.
Additionally, the U.S. Department of Justice has charged the founders of Samourai Wallet with laundering over $100 million from illicit activities, while similar accusations have been leveled against the co-founders of Tornado Cash, accused of facilitating over $1 billion in money laundering.
Decline in Cryptocurrency Scams and Hacking Activities
Despite the recent resurgence of the Hundred Finance hacker, April 2024 has witnessed a significant decline in crypto scams and hacking activities. According to data from Chainalysis and Blockpit, scamming revenues have decreased by 29.2% and funds stolen from hacks have declined by 54.3% compared to previous years.
This reduction is attributed to increased regulatory actions, improved security practices within the crypto community, and heightened user awareness about scams. However, there has been a rise in ransomware and darknet market activities, suggesting a shift in cybercriminal tactics.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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