Today, there has been a significant movement of funds from the ‘Ronin Bridge Explorer 8’ account to various other Ethereum addresses. Also, the funds can be seen moving to Tornado Cash Ethereum, a platform highly used by crypto criminals to break the on-chain link between the source and destination address.
The latest epic heist of the crypto world has resulted in serious contemplation of stricter regulations regarding the insecurity of assets. Recently, Ronin Bridge smart contract was compromised for $625 million and over 175k ETH was stolen through it on the Axie Infinity platform. Must-read NFT gaming platform Axie Infinity’s Ronin Network compromised for $600M to know how the heist took place.
World Wide Help to Sky Mavis
However, Sky Mavis, the parent company of Axie Infinity and Ronin has decided to reimburse the stolen digital assets to their respective customers. While the ongoing open investigation is still in process, a dedicated team has been put together to examine large fund transactions on various decentralized exchanges.
Besides, Binance which is the largest decentralized crypto exchange platform is working with Axie Infinity to track the stolen funds. Though, monitoring some unusual transactions on almost 200 decentralized exchange platforms is an exemplary task in itself. Moreover, transactions involving Wrapped ETH (WETH) withdrawals, and conversions have been suspended. FTX, Huobi, and other major exchange platforms are supporting Sky Mavis to track the suspect.
Even, centralized exchanges will be blocking funds tagged as ‘stolen from Ronin Network.’ This is due to the openness of Blockchain technology that anyone can track the funds from any platform. The history of the transaction cannot be removed by any means on blockchain technology.
Several transactions can be noticed from 100ETH to 1,000ETH a couple of hours ago from the hacker’s Ethereum address. The movement was observed by WU Blockchain and addressed the transactions. As hacker continues to redistribute such a large amount of ETH in fiat, it might not be an easy task through centralized exchanges.
Speaking of Tornado Cash, it has gained quite a traction from many crypto hackers and scammers. The Tornado Cash (TORN) is a decentralized platform built on the Ethereum blockchain and provides non-custodial privacy solutions to its users. The users deposit the ETH token or any ERC-20 token along with the hash of the note to the smart contract in TORN. After waiting for some time, the proof of valid key is confirmed by the users to one of the notes and the smart contract deposits the ETH to the recipient’s address.