Outside Source
According to web3 investigator ZachXBT, a Bitcoin whale may have lost assets worth a staggering $238 million in crypto on Aug. 19.
The popular crypto sleuth highlighted a “suspicious transfer” from a wallet containing over 4064 Bitcoin (BTC), a hefty sum valued at a few million shy of a quarter billion dollars.
ZachXBT said via Telegram that the funds were spread across several crypto venues, including cross-chain platform THORChain, crypto exchange KuCoin, and privacy protocol Railgun.
Per on-chain data, the possible victim may be a Genesis Trading bankruptcy claimant. About two weeks ago, the wallet received 642.3 BTC worth $37.7 million from the Genesis creditor distribution. Two years earlier, another affiliated address was sent 2,173 Bitcoin valued at over $127 million.
How the potential bad actor compromised the victim’s security and likely stole funds is unclear. ZachXBT did not specify how the transfer was initiated or who executed the move.
Last week, ‘the blockchain Sherlock Holmes’ uncovered a North Korean syndicate posing as crypto IT staffers. The group stole over $1.3 million from a project’s treasury by leveraging shoddy web3 developer identities.
Illicit Bitcoin and crypto down 20% since January
Crypto theft continues despite a drop in illicit activity tracked by blockchain research startup Chainalysis. The firm reported a 20% increase in crypto criminal transactions since the start of the year. However, in its mid-year report, Chainalysis also said bad actors were poised to steal over $3 billion in Bitcoin and crypto in 2024.
According to TRM Labs, threat actors siphoned more than $1.4 billion in cryptocurrencies and digital assets in the first half of 2024. Hackers stole $1.7 billion last year as industry veterans urged vigilance and better technical practices from protocols.
Companies like Coinbase and a group of white hat safety veterans called SEAL 911 continue to combat the issue by spearheading web3 security initiatives.
This article first appeared at crypto.news
