July 25, 2024
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The Ronin Bridge Hacker of Axie Infinity Has Started Moving Stolen Ethereum

Ronin

There has been some activity on the blockchain address that was linked to the Axie Infinity Ronin bridge hack earlier this month.

Several transactions have been made from the suspect Ethereum address in the last several hours. The first was the transfer of 1,000 ETH worth about $3.5 million to a different address.

Several additional 100-ETH transactions followed, all of which went to the Tornado Cash Ethereum mixing service. On Monday morning, Chinese crypto expert Colin Wu spotted the changes.


Detecting and Tracing Cryptocurrency Theft


Criminals rarely use major exchanges since most of them now have extensive KYC (know-your-customer) procedures. Even companies that do not provide fiat conversions have been forced to comply with international regulations. However, according to CryptoPotato, some of the assets were transferred to exchanges like FTX, Huobi, and CryptoCom, all of which have promised to take action.

Malicious actors are more likely to try to conceal transactions multiple times before finally cashing out into fiat elsewhere. According to the founder of Immutable Vision, this could lead to stricter rules and penalties for legitimate investors.

This is precisely what has occurred to traditional banking, which has become a maze of regulations and bureaucracy for the common person.

Crypto hackers and scammers have turned to Tornado Cash as a weapon of choice. By eliminating the on-chain link between source and destination addresses, it enables private and anonymous transactions for Ethereum and ERC-20 tokens. Someone who wants to shift stolen assets will find this to be an ideal solution.

In late March, the Ronin Bridge, which allows cross-chain transfers to and from the Axie Infinity environment, was hacked for about $610 million. The firm behind Axie Infinity, Sky Mavis, has recently indicated that it is entirely committed to compensating the victims of the massive crime.

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