Ronin Bridge Hackers Move $625 Million Into Bitcoin
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Answer Ronin Bridge Hackers Move $625 Million Into Bitcoin
Ronin hackers have transferred stolen Ethereum assets to the Bitcoin network, according to new findings from investigator and developer ₿liteZero.
As a reminder, the Ronin Bridge hack occurred in March, in which the attackers transferred $625 million worth of USDC and Ethereum to an Ethereum-based Tornado Cash mixer, making it difficult for authorities to track the movement of funds.
Read:Gemini platform announces that it has secured all cryptocurrencies within the platform
But ‘Tornado Cash’ wasn’t the end as hackers took extra steps in hiding transactions.
According to ₿liteZero, who was tracking the stolen funds, he noticed that the attackers had transferred all the assets to the Bitcoin protocol using a network bridge and several cryptocurrency exchanges.
The investigator found that after the hackers withdrew funds from Tornado Cash, they sent about 6,250 ETH ($20.7 million) to central exchanges such as Binance, Huobi, and FTX before sending the funds to the mixing exchanges.
The hacker converted the rest of the cryptocurrency to renBTC using 1inch or Uniswap.
Where renBTC is encapsulated in Bitcoin on the Ethereum network powered by the Ren protocol.
Since Ren enables the movement of value between blockchain networks, hackers have been able to connect assets from Ethereum to the Bitcoin network.
After that, the hackers sent most of the money to crypto mixers such as ChipMixer and Blender.
They then transferred the money to ChipMixer before withdrawing some to Blender.
Read:US Senator Cynthia Loomis plans to introduce a comprehensive Bitcoin bill in 2022
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