Monday, May 20, 2024

## Investigation Report: $3.6 Million Ethereum Stake Drained and Bridged to Bitcoin via Thorchain

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In a recent development that has sent shockwaves through the crypto community, a stake worth 2,227.3 ETH, equivalent to approximately $3.6 million, was drained and subsequently bridged to Bitcoin (BTC) via Thorchain. The theft was carried out by an unknown entity on the Ethereum network and involved the transfer of funds to two intermediary addresses – 0x30b6…4235 and 0xdd5f…3571.

Upon detailed investigation by experts at PeckShield – a leading blockchain security company – it has been revealed that a significant portion of the stolen ETH has already been converted into at least 80 BTC, with an estimated value of around $2.16 million. This conversion was facilitated through various transactions involving intermediary addresses and platforms, including Swft Blockchain and Binance.

The analysis conducted by PeckShield indicates that the stolen funds were initially transferred to the intermediary addresses – 0x30b6…4235 and 0xdd5f…3571. These addresses were then used to swap the majority of the stolen ETH for BTC, resulting in a substantial value transfer from Ethereum to Bitcoin.

Interestingly, the 0xdd5f…3571 address, which was involved in the initial theft and subsequent fund conversions, is currently in the process of bridging the remaining stolen funds to BTC. This suggests that the perpetrator(s) aim to avoid detection and cash out the remaining stolen funds in a different form.

This incident highlights the vulnerabilities that can exist within the cryptocurrency ecosystem, particularly when it comes to the security of user funds. The fact that this theft involved not only Ethereum, but also the interaction with external platforms like Thorchain, Swft Blockchain, and Binance, points to the complexity of tracking and recovering stolen assets.

It is worth noting that Thorchain, a decentralized liquidity network, has gained significant popularity among crypto enthusiasts. However, this incident raises concerns about the potential risks associated with cross-chain interactions and funds being lost or stolen during the bridging process.

As investigations progress, it is hoped that the responsible parties will be identified and the stolen funds recovered. The incident serves as a reminder to crypto users, investors, and platform operators to remain vigilant and employ stringent security measures to safeguard their assets.

PeckShield and other blockchain security companies are playing a crucial role in the ongoing battle against cybercriminals in the crypto space. Their expertise and investigation capabilities are vital in identifying the culprits and preventing future attacks.

In conclusion, the drain and subsequent bridging of a $3.6 million Ethereum stake to Bitcoin via Thorchain has once again highlighted the need for robust security measures within the cryptocurrency ecosystem. As the investigation continues, it is paramount for users and platforms to prioritize security and stay informed about the latest developments to protect themselves against such incidents.

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