Cryptopia Hacker’s Ill-Gotten Ethereum (ETH) Funds Still On The Move Per Blockchain Trackers Working Magic
Cryptopia Hacker Still Moving Stolen Funds Around
Recently, Cryptopia hit the news officially announcing that it had chosen Grant Thornton as official liquidators to begin its liquidation process. This was as a result of the hacks suffered by the New Zealand crypto currency exchange, causing it to lose at least $16 million.
About a week after the announcement, Whale Alert (@Whale_Alert), an account dedicated to posting movement of large amounts of crypto funds from whales, revealed that some of the funds stolen from Cryptopia were moved from a “Cryptopia Hack” wallet to another unknown wallet later purported to be a Huobi wallet. Now, it would seem like more of the stolen funds are being moved again.
Another Whale Alert
According to another Whale Alert tweet, another set of transactions of about 3000 Ether, were made. The funds, worth about $758,000, were moved to EtherDelta, a fully decentralized crypto exchange. In addition, another 1000 ETH with a value of $251,264, was also moved to an address suspected be one of those used to hack Cryptopia.
The tweets from Whale Alert seem to be validated by another crypto trader simply known as Crypto Shork (@CryptoShork). CryptoShork revealed more details saying that there were “2 transactions on the BAT/ETH pair for 112.1 and 101 ETH.” The tweets had details of the transactions, the transactions IDs and also the receiving wallet addresses.
It’s important to note that this isn’t the first time a hacker would decide to ignore decentralized exchanges and go for a centralized platform. Earlier in March, Coinbene – a cryptocurrency exchange platform based in Singapore which initially denied being hacked and claimed it was undergoing maintenance – was the target of a hack which saw the firm lose different cryptocurrencies to the tune of $105 million. These funds were transferred to a few different crypto exchanges, one of which was EtherDelta.
A few reactions have trailed the recent movement of funds from the Cryptopia hack. One user on Reddit is simply known as FlashyQpt is of the opinion the whole thing was too much activity and effort without a lot of profit. Also expressing an opinion on EtherDelta, the user says that “It’s not unusual to see insane trades happen because the EtherDelta/ForkDelta platform lacks any sort of order matching.”
FlashyQpt further stated that:
“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.”
Similarly, on Reddit, another user has stated that this might just be the first step as the hacker might be planning a lot more activity. The Redditor simply is known as Giraffenmensch said:
“It’s dumb but a lot safer than using those dodgy 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.”