In a mid-year report by blockchain safety agency, SlowMist, an on-chain investigation of the Ronin hack was performed, and mixing protocol ChipMixer was indicted as a vacation spot for hackers on the Bitcoin community.
In keeping with the report, Axie Infinity’s Ronin bridge misplaced property price $610 million to hackers on March 29. A lot of the funds had been, nonetheless, laundered on the Ethereum and Bitcoin networks.
Twister Money acquired 74.7% (300,160 ETH) of the funds laundered on the Ethereum blockchain, whereas the hacker’s handle nonetheless has possession of 95,570 ETH.
A complete of 6,531.04 BTC had been transferred to the Bitcoin community. ChipMixer facilitated the laundering of three,460 BTC (49.1% of funds), whereas 36.6% are nonetheless held within the hacker’s handle.
The hackers withdrew a complete of two,671 BTC from the ChipMixer protocol and despatched the funds via Blender, Wasabi Coinjoin, and a small portion to the Binance change.
Lazarus Group prefers laundering on the Bitcoin community
The investigation additionally famous that top-tier hackers just like the Lazarous Group desire to launder funds through the Bitcoin community. The rationale behind that is that Bitcoin gives extra anonymity and adaptability than Ethereum for them to execute their legal actions. The Lazarus Group has laundered funds on Bitcoin that on some other community.
May ChipMixer be subsequent on the sanctions checklist?
ChipMixer facilitated the laundering of 48.9% of funds on the Bitcoin community, whereas Twister Money facilitated 74.6% on the Ethereum community.
SlowMist famous that in 2022 alone, 26,021 BTC was despatched to ChipMixer whereas 14,370 BTC was withdrawn from the blending protocol. The height of its involvement in monetary crimes was in March throughout the Ronin bridge hack.
With regulators concentrating on mixing protocols, ChipMixer could also be below watch too. Earlier in Could, mixing protocol Blender was sanctioned by the US Treasury for its involvement within the Ronin hack. Extra not too long ago, Twister Money needed to shut down operations following the US Treasury sanction and arrest of its developer Alexey Pertsev.