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Funds from Biggest Ever DeFi Hack Started Moving

Mon, 04/04/2022 - 08:02
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Arman Shirinyan
$610 million stolen from the Ronin bridge are now being "washed"
Funds from Biggest Ever DeFi Hack Started Moving
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The recently stolen $610 million by a yet undisclosed hacker is being actively redistributed among various wallets and solutions to hide the tracks and withdraw digital assets into fiat, WuBlockchain reports.

According to the blockchain insider, 1000 ETH have been moved to another Ethereum address with no marks or tags whatsoever. Later on, the hacker moved 200 ETH to Tornado Cash coin mixing solution to hide the movements of the stolen funds.

While 1200 ETH is a relatively small amount compared to the total of $610 million, we can still understand why the hacker redistributed the sum. The only way to withdraw such a large amount of a digital asset in fiat is by using centralized exchanges with high liquidity and trading volume that would be able to process such a large volume.

But any centralized exchange will currently block funds tagged as stolen from the Ronin network. Thanks to the openness of blockchain technology, users are able to track the origin and the endpoint of each and every coin if it is not being "washed" through coin mixing solutions.

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Previously, numerous crypto-related projects, including exchanges, OTC trading platforms and DeFi solutions, told users that they will limit any funds tagged by the community as "stolen."

The second-biggest hack of approximately $600 million stolen from Poly Network was immobilized with the help of the blockchain and crypto community, as almost every project in the space agreed to block any inflows from the tagged wallet. Besides the coordinated work of the blockchain community, the hacker was threatened with criminal prosecution.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.