A snapshot of the blockchain activity shows a large quantity of Bitcoin being moved from a single wallet to several other wallets. The stolen BTC was then rapidly funneled through more than 300 wallets and laundered across 20 or more exchanges, with Monero (XMR) used to obfuscate the transaction.
As a result of the rapid demand for XMR to process the stolen Bitcoin, its price shot up more than 50% — rising from $228 to $347 — before settling back to $295.
Earlier speculations pointed toward potential upgrades or renewed interest in privacy coins, however, ZachXBT’s investigation ties the rally to the movement of stolen funds.
Earlier reports suggested the stolen Bitcoin belonged to a U.S. citizen, who was the subject of a targeted phishing attack. However, further details about the victim and the scam have not been disclosed.
Earlier speculations suggested the stolen Bitcoin belonged to a U.S. citizen, who was the subject of a targeted phishing attack. However, further details about the victim and the scam have not been disclosed.
Notably, the stolen funds were not claimed by a known hacking group, such as those linked to North Korea, but rather through a targeted attack on an individual with significant Bitcoin holdings.
“You can fingerprint the type of attack/attacker pretty well if you spend all of your time tracking illicit activity onchain,” ZachXBT said, adding that the theft had all the hallmarks of a highly coordinated social engineering operation.
This case now stands as the fifth-largest crypto hack in history, highlighting the ongoing susceptibility of long-time crypto holders to increasingly advanced scams.
Any involvement of law enforcement has not been confirmed, and the identity of the attacker remains undisclosed.
