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The post <a href="https://coinpedia.org/uncategorized/71-million-wbtc-crypto-hackers-traced-to-hong-kong-ip-addresses-by-investigators/" rel="noopener noreferrer nofollow">71-Million Wbtc Crypto Hackers Traced to Hong Kong IP Addresses by Investigators</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Crypto-space suffered a sophisticated hack attack, from which SlowMist traced a $71 million WBTC heist to Hong Kong IP addresses implying very elaborate tricks by the hacker.&nbsp;
<h2 class="wp-block-heading" id="h-the-intricate-phishing-attack">The intricate phishing attack</h2>
An intricate <a href="https://coinpedia.org/news/attacker-steals-71-million-in-an-extremely-sophisticated-phishing-attack-that-fooled-the-investor" target="_blank" rel="noopener noreferrer nofollow">phishing attack</a> that occurred on May 3 tricked a huge trader who had the WBTC tokens stolen, worth a staggering 70M USD. The hacker used an approach of generating near phishing addresses using address poisoning to the victim’s intended transfer address and profited from his negligence of looking over minute details of the transfer address.&nbsp;
After the crime was committed, the hacker immediately washed the stolen WBTC through conversion into 22955 ETH and fragmenting the balance into 10 user addresses, making it difficult to trace the origin.&nbsp;
To prevent the raising of suspicion, the<a href="https://coinpedia.org/news/cyber-criminal-behind-the-71-million-address-poisoning-launders-25k-eth" target="_blank" rel="noopener noreferrer nofollow"> laundering</a> was designed to involve a series of transactions which were almost identical leaving no more than 100 ETH in each address before transferring the rest of the funds to a mix of external and intermediate addresses, making it extremely difficult to investigate the transaction chain.&nbsp;
<h2 class="wp-block-heading" id="h-is-the-hacker-possibly-traced-to-hong-kong">Is the hacker possibly traced to Hong Kong?</h2>
SlowMist Threat intelligence employing the <a href="https://slowmist.medium.com/small-bait-big-fish-unveiling-the-1155-wbtc-phishing-incident-22bf53b6fe60" target="_blank" rel="noopener noreferrer nofollow">blockchain analysis</a>, traced a network of IP addresses located in Hong Kong that were associated with the hacker, implying complex evasion techniques such as VPN.&nbsp;&nbsp;
Moreover, it was found that the hacker employed wash trading, which was evident from the transfer of illicit funds to Monero from Chain and to a suspect OTC address, among other destinations.&nbsp;
The news about the IP addresses of Hong Kong being connected to the $71 million WBTC phishing attack indicates beyond doubt the worldwide and high-tech nature of modern cybercrime.&nbsp;
Even though the victim tried to <a href="https://etherscan.io/idm?addresses=0x1e227979f0b5bc691a70deaed2e0f39a6F538fd5%2C0xd9a1c3788d81257612e2581a6ea0ada244853a91&amp;type=1" target="_blank" rel="noopener noreferrer nofollow">communicate</a> with the hacker and agreed to give 10% i.e. $7 million of the stolen amount, there was no response from the hacker. It is on the user’s side to avoid small mistakes like these and save themselves from losing millions.
Also Check Out: <a href="https://coinpedia.org/news/cyber-criminal-behind-the-71-million-address-poisoning-launders-25k-eth/" rel="noopener noreferrer nofollow">Cyber Criminal Behind the $71 Million Address Poisoning Launders 25K ETH</a>

71-Million Wbtc Crypto Hackers Traced to Hong Kong IP Addresses by Investigators

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