Unsettling tremors ripple through the crypto sphere as an Ethereum wallet with questionable connections offloaded a staggering $4 million worth of altcoins. This wallet, alleged to have been fattened by Multichain exploits, has actively been selling CRV and YFI tokens on the decentralized trading platform Uniswap. The sale of these coins hardly sails unnoticed, with the price of the WOO token reflecting an 8% dip.
A trace back to Friday morning unveils the inception of this wallet, its birth intriguingly punctuated with sizable funds from an address branded “suspicious” by Etherscan. This label came to be after the address curiously received lockup funds from Multichain’s multi-signature address, and this even though it was reportedly a total stranger to the Multichain’s team.
This occurs against the backdrop of Multichain’s cessation of operations, a move precipitated by the detention of their CEO Zhaojun along with his sister by Chinese law enforcement. Under unfortunate circumstances made more puzzling by timing, the bridging protocol was exploited just weeks prior to their detention. In a shattering heist, approximately $130 million was robbed from multiple blockchains and funneled into the suspect wallet on Etherscan.
It’s noteworthy, however, that the recently liquidated assets aren’t limited to WOO and LINK from Chainlink. The suspect wallet also reportedly received about $800,000 worth of CRV tokens together with $870,000 in Yearn.finance (YFI), with aggressive actions to sell both intensifying on Uniswap.
The figures are undoubtedly daunting, as is the precipitous price drop of WOO. Yet, however disturbing these proportions may be, they serve as a stark reminder of the necessary and ever-pressing battle against illegal activities within the blockchain. They underscore the importance of continued vigilance against activities that strain the integrity of digital transactions while extolling the virtues of transparency that blockchain technology espouses.
Source: Coindesk
