What happens to the cryptocurrencies stolen in the biggest DeFi hack? 16

What happens to the cryptocurrencies stolen in the biggest DeFi hack?

Thanks to the transparency of blockchain technology, users can trace the origin and end point of each coin

The recently stolen $ 610 million from an as yet undiscovered hacker is being actively redistributed between various portfolios and solutions to hide traces and withdraw digital assets to Fiat, WuBlockchain reports.

According to an internal source, 1,000 ETHs have been moved to another Etherium address. The hacker later moved 200 ETH to the Tornado Cash transaction mix service to hide stolen funds.

Although 1,200 ETH is a relatively small amount compared to a total of $ 610 million, we can understand why the hacker redistributed the amount. The only way to withdraw such a large amount of digital assets in Fiat is by using centralized exchanges with high liquidity and trading volume, which could handle such a large volume.

But any centralized exchange will currently block funds marked as stolen from Ronin Bridge’s Axie Infinity network. Thanks to the transparency of blockchain technology, users can trace the origin and end point of each coin if token mixing services are not used.

Previously, a number of crypto-related projects, including exchanges, OTC platforms and DeFi solutions, have told consumers that they will limit all funds marked by the community as “stolen” .

Funds from the second-largest hack of approximately $ 600 million stolen from Poly Network have been ‘immobilized ‘ by the blockchain and crypto community, as almost every project in the area has agreed to block any streams from the marked portfolio.