Based

Tornado Cash

TRON

Tornado

Avalanche

<div class="sg-post-des">
 Blockchain analytics firm Match Systems has made contact with an individual who is believed to be selling tokens linked to the recent CoinEx and Stake hacks at discounted prices. 
</div> 
<div class="cointelegraph"> 
 Blockchain analytics investigators have uncovered an individual linked to a cryptocurrency laundering operation that is offering stolen tokens at discounted prices from recent high-profile exchange hacks. 
 Speaking exclusively to Cointelegraph, a representative from blockchain security firm Match Systems outlined how investigations into several major breaches featuring similar methods through the summer months of 2023 have pointed to an individual who is allegedly <a rel="noopener noreferrer nofollow" title="selling" href="https://thebittimes.com/tag/selling.html">selling</a> stolen cryptocurrency <a rel="noopener noreferrer nofollow" title="tokens" href="https://thebittimes.com/tag/tokens.html">tokens</a> via peer-to-peer transfers. 
 Related:&nbsp;CoinEx hack: Compromised private keys led to $70M theft 
 The investigators managed to identify and make contact with an individual on Telegram offering stolen assets. The team confirmed that the user was in control of an address containing over $6 million worth of cryptocurrencies after receiving a small transaction from the corresponding address. 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/10/03/e225ada5332ead0832018bab3dd9f8df.webp"> 
 <figcaption style="text-align: center;">
 A message from the seller advertising stolen tokens being linked to CoinEx and Stake hacks. Source: Match Systems 
 </figcaption> 
 </figure> 
 The exchange of stolen assets was then conducted through a specially created Telegram bot, which offered a 3% discount off the token’s market price.&nbsp;Following initial conversations, the owner of the address reported that the initial assets on offer had been sold and that new tokens would be available some three weeks later: 
 <blockquote>
 “Maintaining our contact, this individual notified us about the commencement of new asset sales. Based on the available information, it is logical to assume that these are funds from CoinEx or Stake companies.” 
 </blockquote> 
 The Match Systems team has not been able to fully identify the individual but has narrowed down their location to the European time zone based on several screenshots they had received and timings of conversations: 
 <blockquote>
 “We believe he is not part of the core team but is associated with them, possibly having been de-anonymized as a guarantee that he will not misuse the delegated assets.” 
 </blockquote> 
 The individual also reportedly displayed "unstable" and "erratic" behavior during various interactions, abruptly leaving conversations with excuses like "Sorry, I must go; my mom is calling me to dinner”. 
 <blockquote>
 "Typically, he offers a 3% discount. Previously, when we first identified him, he would send 3.14 TRX as a form of proof to potential clients.” 
 </blockquote> 
 Match Systems told Cointelegraph that the individual accepted Bitcoin (BTC) as a means of payment for the discounted stolen tokens and had previously sold $6 million worth of TRON (TRX) tokens.&nbsp;The latest offering from the Telegram user has listed $50 million worth of TRX, Ether (ETH) and Binance Smart Chain (BSC) tokens. 
 Blockchain security firm CertiK previously outlined the movement of stolen funds from the Stake heist in correspondence with Cointelegraph, with around $4.8 million of the total $41 million being laundered through various token movements and cross-chain swaps. 
 FBI later identified North Korean Lazarus Group hackers as the culprits of the Stake attack, while&nbsp;cyber security firm SlowMist also linked the $55 million CoinEx hack to the North Korean group.&nbsp; 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/10/03/2baa65975728db30bbc66038d9214d9d.webp"> 
 </figure> 
 This is in slight contrast to information obtained by Cointelegraph from Match Systems which suggests that the perpetrators of the CoinEx and Stake <a rel="noopener noreferrer nofollow" title="hacks" href="https://thebittimes.com/tag/hacks.html">hacks</a> had slightly different identifiers in methodology. 
 Their <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> highlights that previous Lazarus Group laundering efforts did not involve Commonwealth of Independent States (CIS) nations like Russia and Ukraine while the 2023 summer <a rel="noopener noreferrer nofollow" title="hacks" href="https://thebittimes.com/tag/hacks.html">hacks</a> saw stolen funds being actively laundered in these jurisdictions. 
 Related:&nbsp;Stake hack of $41M was performed by North Korean group: FBI 
 Lazarus hackers left minimal digital footprints behind while recent incidents have left plenty of breadcrumbs for investigators. Social engineering has also been identified as a key attack vector in the summer <a rel="noopener noreferrer nofollow" title="hacks" href="https://thebittimes.com/tag/hacks.html">hacks</a> while Lazarus Group targeted “mathematical vulnerabilities”. 
 Lastly the firm notes that Lazarus hackers typically used Tornado Cash to launder stolen cryptocurrency while recent incidents have seen funds mixed through protocols like Sinbad and Wasabi.&nbsp;Key similarities are still significant. All these hacks have used BTC wallets as the primary repository for stolen assets as well as the Avalanche Bridge and mixers for token laundering. 
 Blockchain data reviewed at the end of Sept. 2023 suggests that North Korean hackers have stolen an estimated $47 million worth of cryptocurrency this year, including $42.5 million in BTC and $1.9 million ETH. 
 Magazine:&nbsp;Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis 
 <template data-name="subscription_form" data-type="markets_outlook"></template> 
</div> 
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/exclusive-hackers-selling-discounted-tokens-linked-to-coinex-stake-hacks-tbt64930.html">https://thebittimes.com/exclusive-hackers-selling-discounted-tokens-linked-to-coinex-stake-hacks-tbt64930.html</a>

Exclusive: Hackers selling discounted tokens linked to CoinEx, Stake hacks

TheBitTimes

Other articles published on Oct 3, 2023

CFTC Chairman discusses regulatory clarity in 2023

Sam Bankman-Fried Trail Begins Today: What to Expect

12 Gems Backed by Binance Labs to Watch – Part 1

Satoshi Nakamoto Returns After 5 Years: What Does It Mean for Bitcoin?

Hong Kong's Crypto Advancements Could Boost East Asian Crypto Activity, Says Chainalysis Report

Bitcoin Can Still Crash to $10,000 in Q4, Says Bloomberg Analyst

Join our free newsletter for daily crypto updates!