{"id":16221,"date":"2024-08-19T17:57:28","date_gmt":"2024-08-19T14:57:28","guid":{"rendered":"https:\/\/forklog.com\/en\/expert-suggests-238-million-hack-of-unknown-genesis-trading-creditor\/"},"modified":"2024-08-19T17:57:28","modified_gmt":"2024-08-19T14:57:28","slug":"expert-suggests-238-million-hack-of-unknown-genesis-trading-creditor","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/expert-suggests-238-million-hack-of-unknown-genesis-trading-creditor\/","title":{"rendered":"Expert Suggests $238 Million Hack of Unknown Genesis Trading Creditor"},"content":{"rendered":"<p>Renowned on-chain detective ZachXBT has highlighted a suspicious transfer of 4064 BTC ($238 million). The funds, potentially belonging to a victim, were sent to ThorChain, eXch, Kucoin, ChangeNow, Railgun, and Avalanche Bridge.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Seven hours ago a suspicious transfer was made from a potential victim for 4064 BTC ($238M)<\/p>\n<p>Transaction hash<br \/>4b277ba298830ea538086114803b9487558bb093b5083e383e94db687fbe9090<\/p>\n<p>Funds were quickly transferred to ThorChain, eXch, Kucoin, ChangeNow, Railgun, Avalanche Bridge.<\/p>\n<p>\u2014 ZachXBT (@zachxbt) <a href=\"https:\/\/twitter.com\/zachxbt\/status\/1825499490956231021?ref_src=twsrc%5Etfw\">August 19, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Railgun team indirectly confirmed the expert&#8217;s concerns, stating that the protocol did not accept the coins due to the Private Proofs of Innocence check (asset &#8220;purity&#8221;).<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Whilst RAILGUN is permissionless and anyone can send tokens in, any tokens that fail to generate a Private POI proof CANNOT enter the privacy set.<\/p>\n<p>In this case, the tokens <a href=\"https:\/\/twitter.com\/zachxbt?ref_src=twsrc%5Etfw\">@zachxbt<\/a> mentioned were unshielded back to the original address and gained no privacy.<\/p>\n<p>\u2014 RAILGUN \u2014 Private &#038; Anonymous DeFi (@RAILGUN_Project) <a href=\"https:\/\/twitter.com\/RAILGUN_Project\/status\/1825523502126113150?ref_src=twsrc%5Etfw\">August 19, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;In this case, the tokens mentioned by ZachXBT were not shielded and were returned to the original address, gaining no privacy,&#8221; the developers wrote.<\/p>\n<\/blockquote>\n<p>Journalist Colin Wu noted that one of the potential victim&#8217;s wallets received 642.4 BTC ($37.73 million) from Genesis Trading&#8217;s liquidators two weeks ago. Another address received 2173 BTC ($127 million) from the bankrupt platform approximately two years earlier.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">One of the victim addresses: bc1qlx\u2026k6cjkf&#8217;s 642.376 BTC (worth about $37.73 million) was transferred from Genesis Trading: Bankruptcy Distributions two weeks ago; another victim address: bc1q42\u2026g4yckd&#8217;s 2.173k BTC (worth about $127 million) came from Genesis Trading two\u2026<\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1825508551332421794?ref_src=twsrc%5Etfw\">August 19, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>ZachXBT responded negatively to the question of whether the Lazarus Group was &#8220;again&#8221; involved in the incident.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;This time, I think not (the behavior is somewhat different),&#8221; he explained.<\/p>\n<\/blockquote>\n<p>The expert also doubted the impact of the assets on the price of digital gold, as only a small portion of the amount has been converted from BTC so far.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;This space is full of scams. And we wonder why there&#8217;s no bull run,&#8221; one user commented under Wu&#8217;s tweet.<\/p>\n<\/blockquote>\n<p>In the first half of the year, criminals stole $1.6 billion in cryptocurrencies, shifting their focus to centralized exchanges, as noted by Chainalysis.<\/p>\n<p>The largest incident was the hack of the Japanese platform DMM Bitcoin <a href=\"https:\/\/u1f987.com\/en\/news\/dmm-bitcoin-exchange-hacked-for-305-million\">for $305 million<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Renowned on-chain detective ZachXBT has highlighted a suspicious transfer of 4064 BTC ($238 million). The funds, potentially belonging to a victim, were sent to ThorChain, eXch, Kucoin, ChangeNow, Railgun, and Avalanche Bridge. Seven hours ago a suspicious transfer was made from a potential victim for 4064 BTC ($238M) Transaction hash4b277ba298830ea538086114803b9487558bb093b5083e383e94db687fbe9090 Funds were quickly transferred to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[44],"class_list":["post-16221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cybercrime"],"aioseo_notices":[],"amp_enabled":true,"views":"50","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=16221"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16221\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/16220"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=16221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=16221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=16221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}