Binance Hackers Launder 81% of Stolen Solana Through THORChain
Written with artificial intelligence.
Following the massive $6.3 billion hack of Binance, attackers have moved approximately 81% of the stolen Solana (SOL), laundering the funds through THORChain after it resumed operations. The laundering activities involved converting SOL into USDC, bridging to Ethereum, and ultimately swapping for Bitcoin.
Overview of the Attack
The recent Binance hack, which resulted in the theft of approximately $6.3 billion worth of cryptocurrency, has seen the attackers move a significant portion of the stolen assets. As per blockchain analytics from Arkham, around 81% of the stolen Solana (SOL), valued at $16.9 million, has been laundered through the cross-chain protocol THORChain.
Laundering Process
Following the theft, the hackers managed to split the stolen SOL across various wallets. They sold parts of it for USD Coin (USDC), bridged the funds to Ethereum, and then exchanged Ether (ETH) for Bitcoin (BTC) using THORChain. This method of laundering has been employed previously by North Korea-linked groups, which are also believed to have used similar protocols for other high-profile hacks.
Investigation and Response
The U.S. Federal Bureau of Investigation has attributed the Binance hack to a North Korean group known as TraderTraitor. In response, they have advised crypto service providers, including THORNode operators, to block any transactions associated with the stolen assets. Despite these allegations, Kim Yo Jong, sister of North Korean leader Kim Jong Un, has dismissed the claims as baseless.
Impact on THORChain
THORChain had temporarily suspended its operations after encountering a bug related to Ethereum block reorganizations. However, services resumed just in time for the attackers to continue their laundering activities. Reports indicate that a significant portion of the attackers' transactions were automated, with a notable amount of value also processed through the Tron network.
The ongoing laundering activities highlight persistent vulnerabilities in the cryptocurrency ecosystem, prompting further scrutiny from regulatory bodies and blockchain investigators.