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Cryptopia: Stolen Ethereum [ETH] funds continues to move; a portion sent to EtherDelta

Priya

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Cryptopia: Stolen Ethereum [ETH] funds continues to move; a portion sent to EtherDelta
Source: Unsplash


The hacker who stole a mammoth amount of cryptocurrency funds from Cryptopia, a New Zealand cryptocurrency exchange, continues to move to stolen funds in the market. Unlike the previous attempts, this time around the attacker transferred the funds to a decentralized exchange, EtherDelta.

Notably, this is not the first time for a hacker to opt for decentralized platforms instead of a centralized one. Another hack that reportedly took place in Marck 2019 also saw a similar pattern; the attacker who had stolen around $105 million worth of Ethereum and other cryptocurrencies from Coinbene had transferred a portion of the coins to EtherDelta.

According to Whale Alert, at press time, a total of six transactions were made to EtherDelta, approx. 3000 Ether, which was worth $758,509. To add on, a total of 1000 ETH, worth around $251,264 was transferred to another address that was used to hack the exchange. This was followed by another Twitter user, Crypto Shork, ponting out that the hacker made two transactions on EtherDelta.

Notably, a Reddit user, FlashyQpt remarked that this was “an unnecessary amount of effort for very little gain”, considering that it was “very easy” to track these transfers. The Redditor stated, “It’s not unusual to see insane trades happen because the EtherDelta/ForkDelta platform lacks any sort of order matching. ” The user added that hacker was trying to “unmark” the stolen Ethereum coins.

The user went on to state,

The Eth was sent to the EtherDelta contract from this address where it was traded and withdrawn onto this fancy new “clean” one. You can tell that this is the address that is on the other side of the trades because the EtherDelta contract emits a Trade event that shows you all of this.”

Source: Reddit

Source: Reddit

Giraffenmensch, another Reddit user said,

“It’s dumb but a lot safer than using those dogy tumbler services. And I think the hacker is betting on the fact that courts and law enforcement are largely still completely clueless regarding cryptocurrency and might actually fall for it. Also they might do other things, maybe that’s only the first step.”

Source: Reddit

Source: Reddit





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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