- ZachXBT has flagged a potential crypto theft.
- The case involves thousands of Bitcoins transferred from a potential victim.
- A security expert shared preliminary investigation findings about the incident.
Popular blockchain detective on X, ZachXBT, has flagged a suspicious multimillion-dollar Bitcoin transfer from a potential victim.
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The development follows a Chainalysis mid-year update on crypto crime , which indicated an 80% surge in the average amount of crypto stolen per heist year-to-date. Notably, stolen funds inflows almost doubled from $857 million to $1.58 billion.
4,064 BTC Stolen in a Likely Heist
On August 19, ZachXBT alerted the X crypto community to a “suspicious” transfer from a potential victim, involving 4,064 Bitcoins ($238 million). While the blockchain detective didn’t divulge how the BTC was stolen, he said the funds were quickly transferred to Railgun, ThorChain, KuCoin, ChangeNow, eXch, and Avalanche Bridge.
When asked whether the Lazarus Group was responsible for the incident, ZachXBT said “Not this time,” noting that the funds’ movement was “a bit different.”
Among the notable industry voices who have responded to the news is SlowMist founder Yu Xian, who shared preliminary investigation findings regarding the suspected theft. The investigation tied some of the source funds to Genesis Global Trading.
“After a preliminary look at the suspected theft of 4064 BTC, it seems that some of the source funds are related to Genesis Global Trading. The laundering is a bit crazy.” Xian wrote.Per the detailed fund map Xian shared, 3,163.59 BTC originated from three wallets linked to Genesis Global trading. These funds were moved in three transfers of 50 BTC, 1,000 BTC, and 2,113.59 BTC.
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Read about the recent hack on Terra ahead of TerraForm bankruptcy voting:
Terra Suffers $6.8M Hack Ahead of TerraForm Bankruptcy Voting
Stay updated on how WazirX was hacked for $234 million:
WazirX Confirms $234M “Security Breach” on Its Safe Multisig Wallet
