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Millions of Stolen XRP on Run: Latest Update Reveals Astonishing Developments

Fri, 06/23/2023 - 15:40
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Gamza Khanzadaev
Unveiling intricate web of laundering as millions of stolen XRP tokens make daring escapes
Millions of Stolen XRP on Run: Latest Update Reveals Astonishing Developments
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As reported a few days ago by U.Today, citing Xrplorer and XRP Forensics, millions of XRP tokens allegedly stolen by North Korean hackers in the Atomic Wallet hack are currently shuttling between centralized and decentralized crypto platforms.

Millions of Stolen XRP Ripple Through Exchanges After Epic Heist

In a recent development, significant details have emerged regarding the ongoing displacement of millions of stolen tokens. A thorough analysis of the situation reveals a carefully orchestrated plan executed by the unknown culprits to avoid detection and launder the illicit funds. Crypto scouts, actively monitoring their movements, have provided exclusive insights into this unfolding saga.

According to a report, the stolen tokens have undergone a complex process of amalgamation and laundering. The perpetrators employed a series of strategic steps involving various blockchain platforms and rapid conversions.

The initial phase of their plan involved amalgamation accounts, where the stolen funds were consolidated into a central account. Subsequently, the funds were transferred to the Orbit bridge, facilitating a seamless transition to the Klaytn blockchain. At this stage, the stolen XRP were swapped for KLAY before being further converted to ETH, finding their way to the Avalanche platform. To further complicate the tracing process, the stolen funds were subsequently exchanged for BTC and ultimately moved to the Bitcoin network.

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Notably, it has been estimated that approximately 14 million XRP have already been processed through the bridge. With only around four million tokens remaining, experts predict that the culprits are poised to conclude their activities on the XRPL by the end of the day.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.