- Stolen assets are starting to move after Axie Infinity’s Ronin hack.
- An amount of 1000 Ethereum, valued at about $3.5 million, was spotted as the first movement.
- Other transactions followed after and are being monitored by Crypto analyst Colin Wu.
Hackers are spotted moving parts of the stolen asset following the news about Axie Infinity’s wallet Ronin hack that lost $620 million worth of Ethereum.
According to Wu Blockchain, the official Twitter (NYSE:TWTR) account of Chinese crypto analyst Colin Wu, the address of the hackers started moving Ethereum by transferring 1000 Ethereum, followed by another 200 Ethereum.
The address of the hacker who stole $610 million in the Ronin_Network case began to move, transferring 1000 ETH to another address and then 200 ETH to TornadoCash. https://t.co/7RYHCmwght— Wu Blockchain (@WuBlockchain) April 4, 2022
The movement of the first 1000, which equals $3.5 million, was spotted first by Wu on Monday, April 4 morning.
Major exchanges are not usually used in such criminal acts, since the transactions will require intensive Know-Your-Customer (KYC) procedures. Yet in this case, some of the funds were transferred to exchanges such as FTX, Crypto.com, and Huobi, as reported by CryptoPotato.
It is also possible that the hackers will try to cover their tracks as much as possible before cashing in. Furthermore, according to various media websites, the Immutable Vision founder claimed that this will only lead to more strict regulations.
This is when privacy blockchains fail and acts as ammunition for stricter regulations which impacts legitimate retail and institutional investors,
“We are working with law enforcement officials, forensic cryptographers, and our investors to make sure all funds are recovered or reimbursed. All of the AXS, RON, and SLP on Ronin are safe right now,” said Sky Mavis, the company behind Axie Infinity, in an official statement right after the original hack happened.
People started stating that this hack is a reenactment of what happens in traditional banks to the average person, while more restrictions and strict rules are promised.