According to a chain researcher, the Crypto.com leak might be valued at up to $33 million. The newest security compromise may have cost Crypto.com more than the estimated $15 million. According to an Onchain researcher, Crypto.com's loss in the recent security breach might have been worth more than the estimated $15 million. The Crypto.com security breach, which was believed to have resulted in the loss of 4.6K ETH ($15 million), according to Pseudonymous ErgoBTC, an on-chain analyst at Bitcoin (BTC) research firm OXT Research, might be valued at up to $33 million.
On Monday, it was reported that Crypto.com had suspended withdrawals “after a limited number of users” reported suspicious activities on their accounts. The cryptocurrency exchange has subsequently resumed withdrawals and stated that its users' money is “secure,” but later rumours surfaced that it had lost 4.6K ETH ($15 million) and was laundering it using Tornado Cash. On Tuesday, ErgoBTC reported that another 444 BTC ($18.5 million) had been stolen from Crypto.com's payment wallet. OXT Research found a suspicious transaction of 52.55 BTC ($2.18 million) from Crypto.com's custodial wallet, according to ErgoBTC.
According to ErgoBTC, “many hundred withdrawals” were made following the transaction, which was subsequently merged into four outputs valued at 67.75 BTC ($2.81 million) apiece. The four batches totalled 271 BTC ($11.25 million), and they were all laundered using Bitcoin tumbler, a tool that allows consumers to mix several transactions and make it more difficult for investigators to track Bitcoin payments.
According to ErgoBTC's tweet, the Bitcoin tumbler reportedly used by the suspected offenders to launder the 271 BTC is a well-known tool used by the North Korean cybercrime group, Lazarus. According to ErgoBTC, the crooks responsible for the Crypto.com security breach also had possession of another address containing 172.9 BTC ($7.25 million). According to Blockchair data, the address got the cash at the same time as the other transactions associated with the Crypto.com theft. However, as of the publication of this report, the alleged hacker had not yet moved the cash via a bitcoin tumbling service.
Crypto.com has yet to admit any losses as of the time of publication. Cointelegraph contacted Crypto.com for further information on their decision to suspend withdrawals but had not received a comment as of the time of publication. This article will be updated when new information becomes available.
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