The hacker linked to the Coinbase attack has resurfaced by making significant asset swaps and dumping portions onto the market.
BTC to ETH Swap via Thorchain
The hacker behind one of the largest cryptocurrency thefts recently executed a $42.5 million Bitcoin (BTC) to Ethereum (ETH) swap using the decentralized protocol Thorchain, which enables cross-chain transactions without intermediaries.
Selling ETH for DAI
Following the swap, the hacker sold 8,698 ETH, converting them into $22.12 million in DAI, a dollar-pegged stablecoin. This strategic dump not only secured value but also sparked discussions within the crypto community regarding onchain privacy and laundering techniques.
Community Response and Future
The taunt directed at blockchain investigator ZachXBT, known for uncovering crypto scams and hacks, has drawn attention and concern. Many users have expressed frustration over the inability to freeze or reclaim stolen funds once they are swapped and bridged across protocols.
This incident highlights ongoing challenges in blockchain security and the urgent need for enhanced cross-chain monitoring solutions.
