Suspicious addresses received $4.6 million from Duelbits wallets on Ethereum and BNB networks. Cyvers CEO, Deddi Lavid, shared the initial findings of the company's investigation in an exclusive interview with crypto.news.

The primary cause of the incident appears to be a loss of control over wallet access. Typically, this indicates that private keys or account credentials to access the wallet were compromised or stolen. The suspicious address converted various tokens into Ethereum. Hackers often employ this tactic to consolidate assets into a more liquid and widely used cryptocurrency, simplifying their laundering or hiding of traces.

Additionally, assets on the BNB network were linked to Ethereum. This also suggests an attempt to move assets between platforms to hinder their tracking. The hacker swiftly exchanged all BNB for BSC-USD, unaware of the lack of gas fees for transferring funds into Ethereum.

To address the issue of gas fee absence, the hacker utilized FixedFloat, a service enabling quick cryptocurrency exchanges to acquire the necessary funds for an intermediary transaction. As of the time of writing, Duelbits had not yet provided updated information on this incident.