According to the pseudonymous ErgoBTC, an on-chain analyst at bitcoin (BTC) research firm OXT Research, the Crypto.com security breach that purportedly resulted in the theft of 4,830 ETH (USD15 million) as previously reported might be closer to USD 33 million.
According to a tweet from ErgoBTC on Tuesday, 444 BTC (USD18.5 million) was taken from Crypto.com’s payment wallet. OXT Research initially identified a suspicious payment from the exchange’s custodial wallet for 52.55 BTC (USD 2.18 million), according to ErgoBTC, which detailed the suspicious transactions.
According to ErgoBTC, this transaction was followed by “many hundred withdrawals” that were eventually batched into four outputs totaling 67.75 BTC (USD2.81 million). A bitcoin tumbler — a mixing tool that allows users to blend multiple transactions to make it impossible to track BTC transfers — was used to route these four batch outputs totaling 271 BTC (USD 11.25 million).
As of this writing, the claimed hacker has failed to send the funds through the bitcoin tumbler service. Meanwhile, Crypto.com has yet to disclose any losses as a result of the event, with CEO Kris Marszalek claiming that customer assets were secure – though the exchange did momentarily halt withdrawals due to suspicious activity reports. In addition, Marszalek stated that the exchange was conducting an internal probe into the situation.
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