Image of hackers selling discounted tokens linked to CoinEx and Stake hacks for web 3.0 investing.
Exclusive: Hackers selling discounted tokens linked to CoinEx, Stake hacks

Investigating the Use of Stolen Cryptocurrency Tokens

Blockchain analytics investigators have recently uncovered an individual linked to a cryptocurrency laundering operation, offering tokens stolen from high-profile exchange hacks at discounted prices. A representative from blockchain security firm Match Systems spoke exclusively to Cointelegraph, providing further details on the investigation.

The team of investigators managed to identify and make contact with a Telegram user who was in control of an address containing over $6 million worth of cryptocurrencies. After receiving a small transaction from the corresponding address, the user was found to be selling stolen assets through a Telegram bot, offering a 3% discount off the token’s market price.

The owner of the address reported that the initial assets on offer had been sold and that new tokens would be available some three weeks later. This incident has raised questions on how to invest in web 3.0, and how to become a web 3.0 developer. It has also sparked discussions on the differences between web 2.0 and web 3.0, as well as how to access web 3.0 and how it works.

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The Match Systems team has been unable to pinpoint the identity of an individual, but they have deduced their location to be in a European time zone based on multiple screenshots and the timing of conversations.

The individual has also been reported to have exhibited erratic and unstable behavior during interactions, abruptly ending conversations with phrases such as “Sorry, I must go; my mom is calling me to dinner.”

Match Systems informed Cointelegraph that the individual accepted Bitcoin (BTC) as payment for discounted stolen tokens and had previously sold $6 million worth of Tron (TRX) tokens. The latest offering from the Telegram user is a listing of $50 million worth of TRX, Ether (ETH), and BNB (BNB) tokens.

Blockchain security firm CertiK previously explained the flow of stolen funds from the Stake heist to Cointelegraph, with about $4.8 million of the total $41 million being laundered through various token movements and cross-chain swaps.

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The United States Federal Bureau of Investigation has attributed the Stake attack to the North Korean Lazarus Group hackers, while cyber security firm SlowMist connected the $55 million CoinEx hack to the same group. However, Cointelegraph’s analysis from Match Systems indicated that the CoinEx and Stake hackers had distinct identifiers.

Interestingly, the Lazarus Group’s previous laundering activities did not involve the Commonwealth of Independent States nations such as Russia and Ukraine, but the summer hacks saw stolen funds being laundered in these regions. In contrast to the minimal digital footprints left by the Lazarus Group, the recent incidents have left a lot of clues for investigators to follow. Social engineering was also identified as a key attack vector in the summer hacks, while the Lazarus Group targeted “mathematical vulnerabilities.”

If you are interested in investing in Web 3.0, there are several ways to do so. You can learn how to build a Web 3.0 website, access Web 3.0, and become a Web 3.0 developer. Furthermore, you can understand the differences between Web 2.0 and Web 3.0, and learn how to invest in Web 3.0.

The firm notes that Lazarus hackers generally employ Tornado Cash to launder stolen cryptocurrencies. Recently, protocols like Sinbad and Wasabi have been used for such activities. BTC wallets, Avalanche Bridge, and mixers are the main repositories for stolen funds.

Chainalysis reported that North Korean-linked groups had stolen a total of $340.4 million in crypto by mid-September 2023.

Investors interested in web 3.0 should understand how to build a web 3.0 website, how web 3.0 is different from web 2.0, and how to become a web 3.0 developer. Accessing web 3.0 and investing in it are also important considerations. Moreover, it is essential to comprehend how web 2.0 and web 3.0 differ from each other.

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