A Day in the World of Crypto Hacking: $4.67M Converted, $6B Collected, and EPIC Money Laundering Techniques

In the fast-paced world of cryptocurrency, security breaches and hacking incidents have become all too common. Every day, hackers are finding innovative ways to exploit vulnerabilities, siphon funds, and launder money. In this investigative report, we dive into some of the most recent hacking activities within the crypto realm, showcasing the scale of the problem and the techniques used by cybercriminals.

1. Cream Finance Exploiter Converts $4.67M Worth of ETH:
Yesterday, a Cream Finance exploiter, identified as 0x70747, successfully converted a whopping 2.81k ETH into DAI, totaling approximately $4.67 million. It is alarming to note that the funds remain in the exploiter’s wallet, further highlighting the need for improved security measures within the crypto space.

2. $6 Billion in Penalties Collected by CFTC to Fight Crypto Fraud:
The US Commodity Futures Trading Commission (CFTC) has made significant strides in combating fraud and illegal activities in the crypto industry. CFTC chair Rostin Behnam confirmed that an astonishing $6 billion in penalties had been collected during the fiscal year of 2023. This substantial sum accounts for 34% of all CFTC crypto enforcement since recognizing cryptocurrencies as commodities in 2015.

3. FTX Wallet Drainer’s Epic Money Laundering Techniques:
The FTX Wallet Drainer, a notorious hacker, has employed sophisticated money laundering techniques to obfuscate their ill-gotten gains. Their criminal activities can be traced back to September 30th when they began transferring stolen funds from the hacker’s ETH wallets. Initially, 15k ETH was bridged to BTC, with subsequent movements occurring in November 2022.

The hacker cleverly employed a “peel chain” method, a money laundering technique where small portions of funds are sent through multiple wallets, making it challenging to trace their origins. The recent movements of FTX Accounts Drainer have seen 15k ETH transferred to 0x8059 and subsequently swapped for renBTC & WBTC. Additionally, a staggering 180k ETH has been dispersed to 12 new EOAs (Externally Owned Accounts).

The world of crypto hacking is an intricate and evolving landscape where cybercriminals are continuously refining their tactics. The recent incidents we’ve explored in this investigative report shed light on the scale of the problem and the need for heightened security measures within the cryptocurrency industry. As we move forward, it is crucial for individuals and institutions to remain vigilant, adapt to emerging threats, and implement robust security protocols to safeguard their assets and protect the integrity of the crypto ecosystem.

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