Thorchain: Go-To DEX For Coinbase Hacker’s Cross-Chain Swaps

Coinbase hacker uses Thorchain for a $42.5M BTC to ETH cross-chain crypto swap activity. Decentralized protocol Thorchain identified as key tool in Coinbase hacker’s fund launder. PeckShield reports Coinbase hacker utilized Thorchain in converting stolen crypto to DAI. The hacker tied to a significant data breach at Coinbase has reappeared on-chain, kicking off large-scale crypto swaps and dispatching threatening messages aimed squarely at blockchain investigator ZachXBT. The attacker, who managed to breach sensitive data from over 69,000 Coinbase users, has now funneled tens of millions in digital assets across different chains, in a renewed and bold display of control over the stolen funds. Fresh activity flared up on May 21, when the attacker tapped Thorchain , a decentralized protocol known for facilitating cross-chain swaps. They used it to exchange an estimated $42.5 million worth of Bitcoin (BTC) for Ethereum (ETH). Blockchain data clearly shows these transactions bypassed intermediaries, highlighting the hacker’s use of unapproved, decentralized protocols to launder substantial amounts of crypto. Shortly after completing the BTC to ETH swap, the hac… The post Thorchain: Go-To DEX For Coinbase Hacker’s Cross-Chain Swaps appeared first on Coin Edition .

Source: Coin Edition