The threat actors responsible for the hacking on the Axie Infinity Ronin Bridge platform, considered the largest crypto heist in the industry, have started moving their loot.
According to reports, the hackers are gradually moving some of the ETH assets via anonymous services. Activities have resumed on the blockchain address flagged as being involved in the hacking incident.
The criminals move funds through Tornado Cash
Several transactions have already occurred on the address, with the first transaction being the movement of 1,000 ETH valued at about $3.5 million.
Other smaller transactions of 100 ETH followed subsequently, and all of them went through the Tornado Cash Ethereum mixing service to prevent any trace of the crypto assets. Chinese crypto analyst, Colin Wu noticed the movements on Monday.
The high rate of theft and fraud within the crypto space is one of the main reasons why the government wants to set up a comprehensive regulatory framework. The industry has been hit with several high-profile cases of crypto theft, which has crippled some platforms and so many investors. As a result, many top exchanges are now required to provide know-your-customer (KYC) procedures for their clients and users.
Exchanges Vow To Track The Funds
Major exchanges are rarely used by criminals because there is a high possibility of exposure when they steal crypto funds. Many of the bad actors now use largely unknown exchanges that are not applying the KYC rules.
However, the report on the Infinity hack revealed that some of the transferred funds passed through major exchanges like Huobi, FTX, and Crypto.com. These exchanges have vowed to take serious action.
However, it will not be very straightforward to catch these criminals because they are more likely to obfuscate the transactions several times before finally converting the funds to fiat for withdrawals. Three crypto platforms have been hit by threat actors within the past few weeks. This will give regulators and law enforcement more reasons to provide a stricter regulatory scheme for the industry.
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