Ronin Hackers Have Moved The Stolen $625M to Bitcoin Network: Report

Ronin hackers have transferred the stolen property from Ethereum to the Bitcoin community, in accordance with new findings by blockchain investigator and developer ₿liteZero.

Recall that after the Ronin bridge hack in March, the attackers moved the $625 million price of USDC and ETH to Ethereum-based crypto mixer Twister Money, making it tough for authorities to hint the motion of the funds. However Twister wasn’t the tip because the hackers took additional steps in obscuring the transactions.

Comply with the Cash

₿liteZero stated he has been monitoring the stolen funds and seen that the attackers had transferred all of the property to the Bitcoin protocol utilizing a community bridge and a number of other crypto exchanges.

Utilizing Centralized Exchanges

The blockchain investigator discovered that after the hackers withdrew the funds from Twister Money, they despatched about 6,250 ETH ($20.7 million) to centralized exchanges (CEXs) resembling Binance, Huobi, and FTX earlier than sending the funds to North Korean crypto mixer Blender.

In Could, the US Treasury Division sanctioned Blender addresses, noting that the crypto mixer assisted the Ronin hackers in processing over $20.5 million of the stolen funds.

Curiously, ₿liteZero said that many of the sanctioned Blender addresses had been utilized by the Ronin hackers to obtain funds after withdrawing from CEXs. Following the cash, the investigator famous that the entire funds withdrawn from the exchanges amounted to $20.72 million, according to the U.S. Treasury’s accusation.

Hackers Bridged Stolen Funds to Bitcoin Community

The hackers transformed the remainder of the property to renBTC utilizing 1inch or Uniswap. renBTC is wrapped bitcoin on the Ethereum community powered by Ren Protocol. Since Ren permits the motion of worth between blockchains, the hackers had been in a position to bridge the property from Ethereum to the Bitcoin community.

Afterward, the hackers despatched many of the funds to crypto mixers resembling ChipMixer and Blender. They transferred the funds to ChipMixer earlier than withdrawing some to Blender.

In concluding the Twitter thread, ₿liteZero stated they’re presently engaged on analyzing the hackers, though they consider that will likely be extra complicated.


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