Recently, in a monumental cyber attack, hackers targeted the crypto wallet Atomic Wallet and allegedly stole a staggering $35 million. New findings by blockchain analysis firm MistTrack suggest that the criminals have used the cross-chain liquidity protocol THORChain to launder and conceal their ill-gotten gains.
According to MistTrack, over the last two days, the hackers moved 503.08 ether (ETH), approximately $870,000, to THORChain before swapping it for bitcoin (BTC). It is distressing to note that some of the stolen ether was also transferred to multiple bitcoin addresses using the Swft blockchain.
In yet another attempt to veil their tracks, last week, the hackers transported a portion of the stolen funds to the crypto exchange Garantex. This came as a shock, as Garantex was sanctioned by the Office of Foreign Assets Control (OFAC) of the U.S. Treasury last April.
Blockchain security firm Elliptic has identified North Korean hacking group Lazarus as the culprits behind this massive attack. The group is notorious for its sophisticated cyber crimes and has been associated with multiple high-profile hacks in the past.
While the hackers seem to have found a way to launder their loot using blockchain technology, there are notable pros and cons of this event.
On the positive side, the fact that the criminals’ activities have been uncovered and tracked serves as a reminder that blockchain technology is highly transparent and traceable. This can potentially deter future hackers, as they will be aware that they can be traced and apprehended. Furthermore, this incident might prompt increased regulation and oversight of crypto exchanges to prevent similar scenarios in the future.
On the flip side, the ease with which hackers maneuvered in the crypto space raises substantial concerns about the security and vulnerability of digital assets. Additionally, this highlights the potential misuse of decentralization and anonymity in blockchain technology for malicious purposes.
In the wake of these hack-related transactions, THORChain’s native token (THOR) has managed to maintain stability, trading at 84 cents, with a slight rise in the past 24 hours, according to CoinMarketCap.
This case has garnered significant attention and sparked conversations around the positives and negatives surrounding blockchain technology and cryptocurrency security. However, one thing is clear – the global community must work together to strike a balance between technological innovation and maintaining a safe and secure environment for digital assets.
Source: Coindesk
