While the cryptocurrency market is reeling from the $6.3 billion hack attack on Binance, the world’s largest exchange, another hack may have occurred. At this point, crypto detective ZachXBT
While the cryptocurrency market is reeling from the $6.3 billion hack attack on Binance, the world’s largest exchange, another hack may have occurred.
At this point, crypto detective ZachXBT said he suspects an EU-based cryptocurrency company was the victim of a $106 million cyberattack.
ZachXBT, who issued the warning on his Telegram account, states that a cryptocurrency company based in the European Union has been subjected to an attack worth approximately $106 million.
Accordingly, it is believed that the attacker initially withdrew assets in USDT and USDC. At this point, it is stated that the attacker exchanged USDC for Ethereum in the last 24 hours and transferred the funds to exchanges such as WellWallet and Kyrrex.
According to ZachXBT, the attacker also exchanged the ETH assets for Monero (XMR) and distributed the assets across multiple addresses. These actions are considered a money laundering method that can make it difficult to track transactions on the blockchain. The name of the affected company and whether authorities have intervened have not yet been confirmed.
Since Monero is a privacy-focused cryptocurrency that allows transaction information such as sender, recipient, and transfer amount to be hidden, the attacker also converted their assets to Monero. Because of this feature, conversions to XMR can significantly complicate fund tracking on public blockchains. In this context, the attacker’s conversion of funds to XMR and distribution to multiple addresses is considered another step towards obscuring the trace of their assets.
*This is not investment advice.
Continue Reading: Crypto Detective ZachXBT Issues New Hack Alert! Ethereum (ETH) and an Altcoin are Mentioned!
