HomeSecurity OperationsHacker steals $29,000,000 worth of SUI from unsuspecting victim: On-chain investigation

Hacker steals $29,000,000 worth of SUI from unsuspecting victim: On-chain investigation

Published on

spot_img

A breach in the cryptocurrency realm has recently come to light, with a hacker making off with a staggering $29 million worth of the Solana rival Sui from a single victim in the previous month. The discovery of this cyber heist was made by on-chain investigator ZachXBT, who pinpointed the incident to have taken place on December 12th.

The modus operandi of the perpetrator involved transferring the stolen funds from Sui to Ethereum via Bridgers before depositing them in Tornado Cash in incremental batches. The victim, in response to the theft, swiftly transferred their .sui domain to a new, uncompromised address. However, due to the current limitations with Sui block explorers and analytical tools, tracking the stolen funds has proven to be an arduous task.

Tornado Cash, the Ethereum-based coin mixing system used in this fraudulent scheme, has been under scrutiny previously. The U.S. government had imposed sanctions on the project in 2022, citing national security concerns. Nevertheless, instances of cryptocurrency hacks and scams have been on the rise, as reported by PeckShield, a blockchain security firm.

According to PeckShield’s findings, losses from such illicit activities soared in 2024, surpassing $3.01 billion in total value. This marked a 15% increase from the previous year, with $2.15 billion pilfered in hacks and $834.5 million siphoned off in scams. The silver lining in this dark cloud was the recovery of $488.5 million worth of stolen crypto assets.

Despite the substantial losses incurred in the cryptocurrency sector last year, 2024 still fell short of the grim milestone set in 2022, where a total of $3.6 billion worth of value was lost due to various cyber breaches. This underscores the persistent threat posed by malicious actors in the digital asset space.

In light of these developments, it becomes imperative for investors and users of cryptocurrencies to exercise caution and due diligence in their dealings. The volatile nature of the crypto market, coupled with the increasing sophistication of cybercriminals, necessitates a vigilant approach to safeguarding one’s digital assets.

As the authorities and security firms continue to grapple with the evolving landscape of cyber threats, it is incumbent upon individuals to stay informed and adopt best practices to mitigate the risks associated with cryptocurrencies. By staying alert and proactive, users can better protect themselves from falling victim to scams and hacks that have plagued the industry in recent years.

Source link

Latest articles

Ransomware payment value decreased by over 30% in 2024

After a year of record payments to cyber criminals, the tide seems to be...

Data breach at Vorwerk: Hackers steal Thermomix user data

In a recent cybersecurity breach, hackers have managed to gain access to user data...

Behavioral Analytics in Cybersecurity: Identifying the Primary Beneficiaries

In the realm of cybersecurity, the cost of a data breach hit a new...

Britain Reportedly Requests Apple to Create Backdoor

In a shocking turn of events, the British government has reportedly issued a secret...

More like this

Ransomware payment value decreased by over 30% in 2024

After a year of record payments to cyber criminals, the tide seems to be...

Data breach at Vorwerk: Hackers steal Thermomix user data

In a recent cybersecurity breach, hackers have managed to gain access to user data...

Behavioral Analytics in Cybersecurity: Identifying the Primary Beneficiaries

In the realm of cybersecurity, the cost of a data breach hit a new...