Genesis

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Million

ZachXBT

Avalanche

The post <a href="https://coinpedia.org/news/238-million-bitcoin-heist-uncovered-suspected-theft-linked-to-genesis-global-trading/">Shocking $238 Million Bitcoin Hack Today: Uncovering the Mystery Behind the Massive Crypto Heist!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
A large, suspicious transaction of 4,064 Bitcoin, approximately equal to $238 million, has been detected on the <a href="https://coinpedia.org/beginners-guide/what-is-blockchain/" target="_blank" rel="noreferrer noopener">blockchain</a>, raising alarm among crypto users. Whale Alert, the blockchain tracking service, identified the transfer, which was then studied by the widespread on-chain sleuth ZachXBT. 
ZachXBT stated that the stolen Bitcoin was offloaded instantly to multiple platforms such as ThorChain, KuCoin, ChangeNow, eXch, Avalanche Bridge, and the Railgun. They follow a very snag strategy of disbursement of the funds hence making it hard to trace the stolen wealth. 
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 Seven hours ago a suspicious transfer was made from a potential victim for 4064 BTC ($238M) Transaction hash 4b277ba298830ea538086114803b9487558bb093b5083e383e94db687fbe9090 Funds were quickly transferred to ThorChain, eXch, Kucoin, ChangeNow, Railgun, Avalanche Bridge.— ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1825499490956231021?ref_src=twsrc%5Etfw">August 19, 2024</a>
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The probe established that the embezzled money might be linked to Genesis Global Trading, a large crypto-lending market player. In particular, the theft touched two addresses traceable to Genesis Trading, with one address containing 642. ; one wallet contained 376 BTC, and the other had 2173 BTC.&nbsp; 
Regarding this case, on-chain investigator ZachXBT, who reported the recorded $238 million BTC transfer, pointed out that the <a href="https://coinpedia.org/news/lazarus-group-transfers-147-5m-stolen-crypto-to-north-korea-via-tornado-cash-confidential-un-report/" target="_blank" rel="noreferrer noopener">Lazaru</a>s Group might not be involved. ZachXBT, who earlier titled the theft to North Korea’s Lazarus hacking group due to the size and nature of the operation, said later that the behavior of the stolen funds was not consistent with Lazarus’s typical modus operandi. 
However, the investigation has associated the stolen money with Genesis Global Trading and therefore there is another perpetrator involved in this theft. Lazarus has previously perpetrated many crypto hacks, however this one does not seem visibly to be from them. 
SlowMist, an upstream blockchain security firm, also <a href="https://x.com/SlowMist_Team/status/1825532315759747124" target="_blank" rel="noreferrer noopener nofollow">responded</a> to the event and suspected the association between the embezzled Bitcoin and Genesis Global Trading. The firm explained that money laundering was not a simple process but rather a process that transacted several operations. 
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Shocking $238 Million Bitcoin Hack Today: Uncovering the Mystery Behind the Massive Crypto Heist!

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