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Money is like water—it finds its way. The funds stolen from the recent Atomic Wallet hack have been reported to make movements. More specifically, the funds were moved to the crypto mixer following the conversion to Bitcoin cryptocurrency. A Blockchain analytics firm, Elliptic, was watching over the stolen amount and found its latest tracked position.
According to the Elliptic report, $35 Million stolen from Atomic Wallet was found sent to a crypto mixer by its Investigations Team. The said mixer platform was Sindbad.io and it said to have a connection with an infamous cyber-hacking group in North Korea. The notorious hacking group, Lazarus Group, is claimed in the report to have used the same crypto mixer earlier to launder cryptocurrencies worth over 100 Million.
Though there is no information about how much amount was moved for laundering towards the mixer, it is said to be swapped for Bitcoin (BTC), prior to being sent to Sindbad.io.
Another information noted in the Elliptic report about the crypto mixer is the possibility of it being the rebranded version of Blender.io., another crypto mixer known for being used by the DPRK hacking group. However, the U.S. Treasury Department banned the platform in May 2022, making it the first crypto mixer to be banned.
Earlier, TheCoinRepublic reported, prominent blockchain Atomic Wallet users lost crypto assets worth 35 Million USD. On-chain sleuth, ZackXBT, reported the instance and analyzed the stolen amount, further adding about 17 Million USD stolen from the top five largest accounts.
The wallet firm tweeted about the incident and asserted the cause of attack was yet to be found, and was under investigation. Overall, the tokens were reported to get lost, the historical data of transactions was removed, and the several crypto portfolios were also stolen completely.
ZackXBT’s independent investigation found the biggest victim of the instance had lost $7.95 Million worth Tether (USDT). Until reporting, the confirmed stolen amount was $35 Million, while the on-chain sleuth assumed the amount could even go up to $50 Million, and more people could be affected by the mishap.
Crypto hacks remained the growing concern across the burgeoning asset class industry. It costs users within the industry millions of dollars. Though crypto hacks were significantly down by up to 65% until this year, it’s still not certain if its going to be the same for the rest of the year.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
