Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Adrian Zmudzinski

Hackers Who Stole $655M In Ronin Hack Moved 21,000 Ethereum To A Mixer In A Week

The thieves that stole $655 million by hacking Ronin back in March were able to move tens of millions of dollars worth of Ethereum (CRYPTO: ETH) to a cryptocurrency mixer to launder their proceeds in a single week.

What Happened: Analysis conducted by Coindesk reveals that hackers moved 21,000 Ethereum to cryptocurrency mixer Tornado Cash over the last week alone. This amount of Ethereum is worth nearly $65 million as of press time.

See Also: How to get free crypto

The hackers obtained those funds through the attack of Ronin — an Ethereum-linked sidechain made by Sky Mavis specifically for play-to-earn Axie Infinity (CRYPTO: AXS). The hack was carried out on March 23, and was discovered about a week later. About 173,600 Ethereum were stolen alongside 25.5 million of USD Coin (CRYPTO: USDC) for a total value of about $620 million at the time.

The attackers now are laundering their proceeds through the use of Tornado Cash, a so-called cryptocurrency mixer that — as the name suggests — mixes the assets sent by users to make it difficult to determine the source of the transaction and its final destination when the session is complete.

Photo: Courtesy of Richard Patterson on Flickr

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.