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Hacker moves stolen $90 million after six years

In this post:

  • Hacker activates stolen funds after six years
  • The hacker moved the funds to a new wallet
  • Chainalysis warns traders to secure their assets

A hacker has allegedly moved stolen funds from six years ago from one wallet to another. In the details published by Chainalysis, the hacker accumulated the funds in a string of operations since 2016. The data analysis website noted that the $90 million worth of funds sprang to life over the last few days in a suspected move by the hacker. The funds, made up of Bitcoin and Ethereum, were said to have been moved to a new wallet.

The hacker moved the funds to a new wallet

According to the details given by Chainalysis, the hacker might be following the rising tides in the prices of digital assets. The hacker, also known as the Blockchain Bandit’ was famous for attacking Ethereum wallets with less sophisticated security keys. Chainalysis explained that the bad actor used this same method on over 10,000 crypto wallets in six years.

In the news published by several entities four years ago, the movement of the hacker’s loot was tracked after he stole more than 50,000 Ethereum from several wallets by guessing their private keys. One of the first people to discover the movement said he encountered the hacker while looking up ways to generate a solid private key for his wallet.

Chainalysis warns traders to secure their assets

The bad actor was said to have set up a particular node to siphon funds from wallets secured with less sophisticated encryption. During the period, the analyst could copy more than 700 addresses the malicious actor had compromised. However, he stated that the exact number of wallets or transactions carried out is unknown, but he verified more than 40,000 transactions. During the period, he said the guy could siphon funds from some of the wallets to which he had access.

Although Chainalysis could track the transactions, it could not provide the final address that received the funds. After this issue, Chainalysis warned traders to own wallets developed by reputable companies. The firm also advised users to use offline wallets if they want to store large amounts of digital assets. Aside from this issue, another vulnerability was discovered where some wallets used the same private keys for security.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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