Cryptocurrencies

The hacker behind the $25 million Kronos Research exploit has transferred

The hacker behind the $25 million Kronos Research exploit transferred another $2.6 million worth of ether to cryptocurrency mixing service Tornado Cash.

The transfer, worth 700 ether (ETH), took place from the Kronos exploit wallet “0x3” on May 21, according to an X post by on-chain security firm PeckShield.

Cronos exploit transfer. Source: Peak Shield

The exploiter sent three transactions worth 100 ETH each on May 20, followed by seven additional transactions today worth 100 ETH, bringing the total to 1,000 Ether worth more than $3.7 million at today’s price.

After transferring 1,000 ETH, the wallet still contains just over 60 ETH, worth over $223,000. At its peak, the hacker’s wallet was worth more than $6.4 million on May 19, CoinStats data shows.

The Hacker Behind The $25 Million Kronos Research Exploit Has Transferred
Croton Transfer Scalper. Source: Queenstats

The hacker’s decision to launder money was likely due to the rapid rise in Ethereum prices. The price of ether has risen more than 20% in the past 24 hours to trade at $3,744 as of 11:14 AM UTC. The last time Ethereum traded above $3,700 was on March 15, according to CoinMarketCap.

Ethereum’s rally comes after reports that the US Securities and Exchange Commission (SEC) has changed Ethereum ETFs – possibly due to political pressure – with reports that it has asked ETF exchanges to update their 19b-4 filings.

Adding to bullish investor sentiment, Eric Balchunas, chief analyst at Bloomberg ETFs, increased the odds of approval to 75% from just 25%.

Related: Fidelity reportedly amends its ETF S-1 filing and removes ETH stakes

Cryptocurrency mixing protocols like Tornado Cash are used to hide the trail of cryptocurrency transactions and make it extremely difficult to trace the source of funds – which can be used by scalpers when laundering cryptocurrencies from illicit activities.

The Kronos Research hacker has not moved funds since May 7, when the exploiter transferred 1,314 ether worth more than $4 million to the same cryptocurrency mixing service.

$3 Billion Stolen in Hacks – Why is Cryptocurrency Crime on the Rise? Source: Cointelegraph

Kronos Capital was exploited in November 2023 after exploiters gained access to the company’s API keys. The company first denied any money loss during its early announcement.

Later, on-chain investigator ZachXBT revealed that approximately 12,800 ETH worth $25 million had been stolen and transferred to six unique cryptocurrency wallet addresses. Kronos Capital has suspended its trading services to investigate the loss.

magazine: Trader turns $3K into $46M in PEPE, Ethereum Gas Fix, Tornado Developer Convicted: Hodler’s Digest, May 12-18

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