The thieves that stole $655 million by hacking Ronin back in March were able to move tens of millions of dollars worth of Ethereum (CRYPTO: ETH) to a cryptocurrency mixer to launder their proceeds in a single week.
What Happened: Analysis conducted by Coindesk reveals that hackers moved 21,000 Ethereum to cryptocurrency mixer Tornado Cash over the last week alone. This amount of Ethereum is worth nearly $65 million as of press time.
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The hackers obtained those funds through the attack of Ronin — an Ethereum-linked sidechain made by Sky Mavis specifically for play-to-earn Axie Infinity (CRYPTO: AXS). The hack was carried out on March 23, and was discovered about a week later. About 173,600 Ethereum were stolen alongside 25.5 million of USD Coin (CRYPTO: USDC) for a total value of about $620 million at the time.
The attackers now are laundering their proceeds through the use of Tornado Cash, a so-called cryptocurrency mixer that — as the name suggests — mixes the assets sent by users to make it difficult to determine the source of the transaction and its final destination when the session is complete.
Photo: Courtesy of Richard Patterson on Flickr
