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Ronin Hackers Have Moved The Stolen $625M to Bitcoin Network: Report

Ronin hackers have transferred the stolen assets from Ethereum to the Bitcoin network, in accordance with new findings by blockchain investigator and developer liteZero.

Recall that following the Ronin bridge hack in March, the attackers moved the $625 million worth of USDC and ETH to Ethereum-based crypto mixer Tornado Cash, rendering it problematic for authorities to trace the movement of the funds. But Tornado wasnt the finish because the hackers took further steps in obscuring the transactions.

Follow the amount of money

liteZero said he’s got been tracking the stolen funds and pointed out that the attackers had transferred all of the assets to the Bitcoin protocol utilizing a network bridge and many crypto exchanges.

Ive been tracking the stolen funds on Ronin Bridge.

Ive pointed out that Ronin hackers have transferred all their funds to the bitcoin network. The majority of the funds have already been deposited to mixers(ChipMixer, Blender).

This thread will illustrate the tracking analysis procedures.

liteZero (@blitezero) August 20, 2022

Using Centralized Exchanges

The blockchain investigator discovered that following the hackers withdrew the funds from Tornado Cash, they sent about 6,250 ETH ($20.7 million) to centralized exchanges (CEXs) such as for example Binance, Huobi, and FTX before sending the funds to North Korean crypto mixer Blender.

IN-MAY, america Treasury Department sanctioned Blender addresses, noting that the crypto mixer assisted the Ronin hackers in processing over $20.5 million of the stolen funds.

Interestingly, liteZero stated that a lot of of the sanctioned Blender addresses were utilized by the Ronin hackers to get funds after withdrawing from CEXs. Following money, the investigator noted that the full total funds withdrawn from the exchanges amounted to $20.72 million, in keeping with the U.S. Treasurys accusation.

Hackers Bridged Stolen Funds to Bitcoin Network

The hackers converted all of those other assets to renBTC using 1inch or Uniswap. renBTC is wrapped bitcoin on the Ethereum network powered by Ren Protocol. Since Ren enables the movement of value between blockchains, the hackers could actually bridge the assets from Ethereum to the Bitcoin network.

Afterward, the hackers sent the majority of the funds to crypto mixers such as for example ChipMixer and Blender. They transferred the funds to ChipMixer before withdrawing some to Blender.

In concluding the Twitter thread, liteZero said they’re currently focusing on analyzing the hackers, although they think that could be more complex.

Im focusing on analyzing Ronin hackers, and another work could be more complex.

Wheres the amount of money?

This is a mystery to be investigated, and I anticipate more progress being made.

Thanks when planning on taking the time to learn my thread, all the best!

liteZero (@blitezero) August 20, 2022


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