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Blockchain News

Hackers Try To Launder Funds Via P2P Exchange

The world of cryptocurrency comes with its fair share of pros and cons. While Bitcoins have made it easier for the holders to trade money, their are some certain drawbacks associated in this world.

There are plenty of hackers trying to break into funds and transfer it via various resources. Blockchain forensics firm Ciphertrace tracked down funds which were obtained by a group of hackers in a giveaway scam.

The fund obtained in the scam were given to peer-to-peer (P2P) exchanges and crypto gambling sites.

Ciphertrace had said that 0.2 Bitcoin (BTC) had been transferred to a P2P exchange via a ‘peel chain’ also used by the hackers to move funds to a crypto casino.

Peel chains have wallets which that funds pass through. A report on July 20 from Ciphertrace said that the Twitter hackers had established several peel chains.

It is understood that it has been established to move crypto exchanges, P2P marketplaces, and gambling platforms. It has also been noted that the sum moved is around 0.1 and 0.15 BTC.

The funds have been moved to exchanges located in India, the United States, and Turkey.

According to a Cointelegrah report, Ciphertrace has identified 18 transactions in total made by the hackers to various crypto platforms in total.

Ciphertrace announced the introduction of “real-time transaction risk scoring” intended to flag suspicious Bitcoin transactions prior to their confirmation to its software suite.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.