Tracking the Stolen Assets from the Liquid Exchange Hacking: Laundering Process, Exchanges…
Contents
Tracking the Stolen Assets from the Liquid Exchange Hacking: Laundering Process, Exchanges Involved, Post Tornado Cash?
Written by: Donovan, Team Manager (Threat Intelligence Operations)
Singapore, August 31st 2021 — On August 19th, Liquid Exchange unfortunately fell victim to a hack estimated to be worth around US$90M in stolen assets. The Japanese cryptocurrency exchange first announced the incident through Twitter, stating that their warm wallets had been compromised. A list of the hacker’s cryptocurrency addresses to which the stolen assets were transferred was also shared.
The stolen assets involved different blockchains including Bitcoin, Ethereum, TRON and XRP. Our team has been investigating the money flow with a focus on Ethereum Chain, and with the help of our tracking tools, have made various findings.
Through our investigations, we have found the modus operandi of the hacker to be relatively clear — to either 1) Swap the various stolen tokens for Ether and thereafter pass it through …
Written by: Donovan, Team Manager (Threat Intelligence Operations)
Singapore, August 31st 2021 — On August 19th, Liquid Exchange unfortunately fell victim to a hack estimated to be worth around US$90M in stolen assets. The Japanese cryptocurrency exchange first announced the incident through Twitter, stating that their warm wallets had been compromised. A list of the hacker’s cryptocurrency addresses to which the stolen assets were transferred was also shared.
The stolen assets involved different blockchains including Bitcoin, Ethereum, TRON and XRP. Our team has been investigating the money flow with a focus on Ethereum Chain, and with the help of our tracking tools, have made various findings.
Through our investigations, we have found the modus operandi of the hacker to be relatively clear — to either 1) Swap the various stolen tokens for Ether and thereafter pass it through …
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