Well-known on-chain detective ZachXBT has disclosed that another major theft incident has come to light in the cryptocurrency field. On May 24th, a victim was suspected of being hacked by North Korean DPRK hackers, suffering severe losses to his assets and attracting high attention from the market.
According to ZachXBT’s monitoring, the hackers’ targets in this attack were extensive. Multiple multi-signature wallets, ordinary addresses and exchange accounts of the victims were not spared, and a large amount of funds flowed out. The stolen cryptocurrencies were then sold off by hackers in the market for cash. Preliminary statistics show that the total losses of the victims have exceeded 5.2 million US dollars. Multi-signature wallets are generally regarded as having high security, requiring multiple signatures to complete transactions. However, hackers still managed to break through the defense line successfully, which demonstrates the sophistication of their attack methods and the maturity of their technology.
What is more alarming is that on May 25th, one of the attack addresses used by hackers showed a new trend and deposited 1,000 ETH into the coin mixer Tornado Cash. Tornado Cash, as a decentralized coin mixing protocol, is often used by lawbreakers to cover up the flow of funds and confuse the sources of assets. This move by hackers aims to cut off the connection between stolen funds and attack addresses through coin mixing operations, increase the difficulty of tracking, and evade supervision and investigation. In the past, North Korean hacker groups have been repeatedly accused of using cryptocurrencies for illegal activities such as money laundering to obtain funds to support their related projects. For instance, previous investigations have shown that North Korean hackers have stolen a large amount of crypto assets by attacking cryptocurrency exchanges, decentralized finance (DeFi) protocols, etc., and have used tools such as coin mixers to clean up funds.
This incident has once again sounded the alarm for security in the cryptocurrency industry. As the scale of the cryptocurrency market continues to expand, the security risks hidden behind it are becoming increasingly prominent. Security threats such as hacker attacks, private key leaks, and phishing attacks constantly threaten the safety of investors’ assets. For cryptocurrency users, it is crucial to enhance their security awareness, such as using reliable wallet software, regularly changing complex passwords, and being cautious when clicking on unknown links, to avoid becoming targets of hacker attacks. For industry regulatory authorities and related platforms, it is necessary to further enhance the research and development of security technologies and the intensity of supervision. For instance, a stricter user identity verification mechanism should be established, and the supervision of tools such as coin mixers should be strengthened to reduce the occurrence of such theft incidents and maintain the healthy and stable development of the cryptocurrency market. At present, ZachXBT is still closely tracking the flow of the stolen funds. The cryptocurrency community is also closely following the subsequent developments of the incident, hoping to bring the hackers to justice as soon as possible and recover the losses of the victims.
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