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Parity Wallet Hacker Moves $9 Million in Ethereum, Leaving $246 Million in Limbo

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Mon, 13/05/2024 - 12:00
Parity Wallet Hacker Moves $9 Million in Ethereum, Leaving $246 Million in Limbo
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In a development echoing one of the largest crypto heists in history, Cyvers Alerts has reported that a hacker, who exploited a vulnerability in Parity's multi-signature wallet in 2017, has now moved a substantial sum of Ethereum (ETH). The hacker, responsible for the theft of 150,000 ETH, valued at $30 million at the time, has initiated the laundering of a portion of their loot, transferring 3,050 ETH, equivalent to $9 million, through the eXch platform.

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This marks a significant chapter in the saga, underscoring the enduring impact of cyber breaches in the digital asset realm. Cyvers Alerts took to X to highlight the unfolding events, reminding followers of the 2017 incident that shook the crypto community. The vulnerability in Parity's Multisig Wallet version 1.5+ had allowed the perpetrator to abscond with a staggering amount of Ethereum, causing substantial financial losses.

The latest maneuver by the hacker underscores a strategic and patient approach to their illicit activities. By utilizing eXch and consolidating multiple addresses under "0x5167052b," they have successfully laundered a portion of the stolen funds. However, what's more concerning is the sizable sum still under their control. With 83,017 ETH, valued at a staggering $246.6 million, remaining untouched at the primary address "0xb3764761," the hacker retains significant leverage within the cryptocurrency ecosystem.

Ongoing threat

This recent activity reignites discussions surrounding security measures within the crypto space and the persistent threat posed by vulnerabilities in blockchain platforms. Despite efforts to enhance security protocols and mitigate risks, incidents like the Parity Wallet breach are stark reminders of the ever-present danger of cyber attacks.

As stakeholders assess the implications of this latest development, attention turns to broader implications for investor confidence and regulatory oversight within the crypto market. The ability of hackers to exploit weaknesses in infrastructure and maneuver substantial sums of digital assets shows the need for continued vigilance and collaboration within the industry to safeguard against such threats.

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