Onchain analyst claims that Crypto.com’s loss in the latest security breach might have been worth more than the reported $15 million.

Pseudonymous ErgoBTC, an on-chain analyst at Bitcoin (BTC) research firm OXT Research, claims that the Crypto.com security breach that was said to have resulted in the loss of 4.6K ETH ($15 million), may be worth up to $33 million.

On Monday, reports emerged that Crypto.com had halted withdrawals “after a small number of users” experienced suspicious transactions on their accounts. The cryptocurrency exchange has since resumed withdrawals and confirmed that its users’ money was ‘safe,’ but reports emerged later that it had lost 4.6K ETH ($15 million) and was being laundered using Tornado Cash.

ErgoBTC tweeted on Tuesday suggesting that another 444 BTC ($18.5 million) had been stolen from Crypto.com’s payout wallet. ErgoBTC said that OXT Research discovered a suspicious transaction of 52.55 BTC ($2.18 million) from Crypto.com’s custodial wallet.

Following the transaction, “several hundred withdrawals” were made which were then combined into four outputs worth 67.75 BTC ($2.81 million) each, as per ErgoBTC. The four batches amounted to 271 BTC ($11.25 million), all of which were laundered via Bitcoin tumbler- a service that…

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.