- Atomic Wallet’s hack took over 22 million XRP.
- XRP Forensics are tracking these funds to keep their community on their toes.
- All funds have now been converted to BTC.
Atomic Wallet’s recent hack, affecting both the Atomic Wallet and the XRP Ledger (XRPL), has garnered attention within the cryptocurrency community. XRP Forensics, an analytical resource explorer, conducted an investigation and discovered that approximately 22 million XRP had been transferred from the XRPL to various blockchains.
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Since the incident, XRP Forensics has been diligently tracking the movements of the hackers and providing valuable insights into their strategies. Initially, the hackers consolidated the funds into a central aggregation account using a multi-step process. They then employed different tactics to avoid detection, such as transferring the funds to new accounts and conducting transactions on multiple exchanges.
The money laundering process eventually streamlined, with the funds being transferred to the Klaytn blockchain via the Orbit Chain bridge. This allowed the conversion of XRP to KLAY, the native coin of the Klaytn network. KLAY was subsequently converted to Ethereum (ETH) and then transferred to the Avalanche blockchain.
Ultimately, the hackers converted the funds to Bitcoin (BTC) and sent them to the Bitcoin network. Impressively, they managed to move a staggering 22.18 million XRP across multiple blockchains in just five hours, with around 18 million XRP passing through the Orbit Chain bridge.
XRP Forensics reported that as of June 23, approximately 14 million XRP had been transferred across the bridge, leaving only about 1010 XRP remaining when their investigation caught up with the hackers. The XRPL was expected to complete its cleanup procedures by the end of the day, with approximately 4 million XRP left.
The Atomic Wallet hack raises important questions about the security of bridges on the XRPL and the measures that can be taken to prevent similar incidents in the future. Strengthening security measures and implementing stricter limitations on the use of bridges across blockchains may be necessary to minimize vulnerabilities.
This incident serves as a reminder of the importance of monitoring and accountability in the blockchain space. Collaboration among the crypto community, watchdog groups, and financial regulators is crucial to identifying and addressing criminal activities. Education and ethical behavior will play key roles in building a secure and sustainable future for Bitcoin and blockchain technology as regulations around cryptocurrencies continue to evolve.
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