BlocksInform
Ronin pirates have transferred Ethereum's stolen assets to the Bitcoin network, according to new discoveries by the blockchain investigator and developer?liteZero.
Recall that after the Ronin bridge hack in March, the attackers moved the $625 million worth of USDC and ETH to Ethereum-based crypto mixer Tornado Cash, making it difficult for authorities to trace the movement of the funds. But the tornado was not the end that the pirates took additional measures to mask the transactions.
Follow the Money
?LiteZero said he has been tracking the stolen funds and noticed that the attackers had transferred all the assets to the Bitcoin protocol using a network bridge and several crypto exchanges.
I'm tracking the money stolen from Ronin Bridge.
I noticed that hackers have moved all their money to the Bitcoin network. The majority of the funds went to blenders (chipmixer, blender).
This thread?? will illustrate the tracking analysis procedures.???? pic.twitter.com/yrazcJ22xF
— ?liteZero (@blitezero) August 20, 2022
Use of centrally controlled exchanges.
The blockchain investigator found that after the hackers withdrew the funds from Tornado Cash, they sent about 6,250 ETH ($20.7 million) to centralized exchanges (CEXs) such as Binance, Huobi, and FTX before sending the funds to North Korean crypto mixer Blender.
In May, the United States Treasury Department sanctioned Blender addresses, noting that the crypto mixer assisted the Ronin hackers in processing over $20.5 million of the stolen funds.
Is there any interest in that? litezero claimed that most sanctioned mixer addresses were used by ronins hackers to receive funds after cexs was withdrawn. As a result of the money, the investigator noted that the total amount of funds withdrawn from the awards was $20.72 million, which is consistent with the United States Treasury charge.
Pirates Bridged Stolen Funds to Cryptonet.
Hackers converted the remaining resources to BTC using 1INCH or Uniswap. Renbtc is packaged bitcoin over the ethereum network fed by ren protocol. Since ren permits value movement between blockchain, hackers have been able to link ethereum assets to the Bitcoin network.
Then, hackers have sent most of the backgrounds to crypto blenders such as chipmixer and blender. The funds were transferred to the blender prior to being removed from the blender.
By wrapping up the twitter feed, ? litezero stated that they are currently working on hacker analysis, though they think it will be more complex.
I’m working on analyzing Ronin hackers, and the next work will be more complex.
‘What happened to the money? '
This is a mystery, and I hope that further progress will be made.
Thanks for taking the time to read my thread, good luck!
— ?liteZero (@blitezero) August 20, 2022
