As a result of the attack on the world-famous crypto currency exchange last week, hackers robbed $ 281 million.
Today, hackers started selling cryptocurrencies that they stole on decentralized exchanges. Blockchain research platform Elliptic has found that hackers stole exactly $ 281,455,300 from the cryptocurrency exchange and have sold $ 13.2 million on decentralized exchanges so far.
KuCoin said the hackers accessed the exchange’s accounts through a private key that somehow gave them access. Ethereum-based (ERC-20) cryptocurrencies make up $ 152 million of the transferred cryptocurrencies.
Crypto project owners froze $ 130 million of assets stolen by attackers to deal with the attack. They did this by posting an update on the blockchain. This process, which is similar to account freezing in the traditional financial system, is a temporary solution for now.
Hackers use decentralized exchanges, where it is very difficult to freeze funds, to launder the assets they stole. Central exchanges such as Coinbase or Binance are run by companies that can control the flow of funds on their exchanges. This is why criminals often prefer decentralized exchanges for illegal transactions.
Elliptic’s chief scientist and co-founder Dr. Tom Robinson said in a statement; “Due to their huge volume and lack of KYC controls, DEXs have become the obvious choice for money laundering in cryptocurrency transactions.” he said.
Decentralized exchanges (DEX) have been operating for years, but they have grown in popularity, especially after reaching billions of dollars in volume last summer. This means that there are enough cryptocurrencies on decentralized exchanges to trade in future cryptocurrencies for hackers and potential criminality.
Elliptic followed the hackers who attacked KuCoin step by step and published a report on it. According to the published report, hackers first sent nearly $ 7.9 million in assets to the decentralized exchange Uniswap. The main reason why Uniswap was chosen is that it is the most popular decentralized exchange and users can trade in cryptocurrencies of $ 235 million in just 24 hours. Hackers mostly carried out this laundering through SNX and DAI.
The hackers, who later sent Kyber $ 4,095 million, used the preference for LINK, which also powers the lending protocol COMP and the decentralized Oracle network.
Finally, the cryptocurrency thieves who sent $ 756,860 worth of Enjin (ENJ) to DEX.AG and $ 499,133 KNC (Kyber Network Token) to TokenIon have laundered a large amount of cryptocurrency thanks to these decentralized exchanges. Of course, the amount of assets they have laundered can be considered relatively small for now compared to the amount they have.