Criminals who rob the Ronin network transfer their seized funds

The attackers behind the latest attack on the Ronin network have started moving some of the stolen coins through anonymization services.

Hackers move their loot

Over the past few hours, several transactions have been noticed that have come out of an address on the Ethereum network that is linked to criminals. The idea is to move 1,000 ETH worth about $3.5 million to another address on the blockchain.

Then there were several more transactions on 100 ETH, all of which went to the Tornado Cash Ethereum mixing service. The moves were spotted this morning by Chinese cryptocurrency market analyst Colin Wu.

Criminals, when they want to liquidate stolen cryptocurrencies, rarely use major exchanges, since most of them now require the fulfillment of the KYC procedure (it is about the process of knowing customer data). Even those that do not provide the conversion of cryptocurrencies to fiats had to agree to implement this type of regulation. In context of this, it is surprising that some of the funds have been transferred to exchanges such as FTX, Huobi and Crypto.com. Another thing is that hackers will eventually have to sell the seized funds somewhere. This is a chance for the services to learn about their identity.

The aforementioned Tornado Cash has become a favorite weapon of hackers from the cryptocurrency market. It provides anonymous transactions for tokens from the Ethereum network and compliant with the ERC-20 standard by breaking the connection in the chain between the source and destination addresses. Ideal for someone who wants to transfer stolen property.

Ronin’s problem

Recall that the gaming-focused Ronin Network announced a few days ago a loss of over $ 625 million in USDC and ether (ETH). According to a blog post on the project, the attack occurred as a result of a hacker finding an exploit that affected bitcoin.pl the checking nodes of Sky Mavis, publishers of the popular Game Axie Infinity. As a result, the attacker “used hacked private keys to spoof withdrawals” in two transactions that can be seen on Etherscan.

Read Also: U.S. lawmakers are targeting Stablecoins

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