Crypto wallet Atomic Wallet recently fell victim to a high-profile hack, resulting in the theft of $35 million worth of funds.
However, new revelations from blockchain sleuth MistTrack indicate that the hackers utilized the cross-chain liquidity protocol THORChain to conceal their ill-gotten gains.
MistTrack’s investigation reveals that a significant portion of the stolen funds, consisting of 503.08 ether (ETH), was transferred to THORChain before being converted to bitcoin (BTC). Additionally, the hackers employed the Swft blockchain to bridge stolen ether to multiple bitcoin addresses.
The $35 million heist that targeted Atomic Wallet has garnered significant attention in the crypto community. MistTrack, a prominent blockchain sleuth, has uncovered crucial information indicating the involvement of THORChain in concealing the stolen funds.
The investigation reveals that the hackers transferred 503.08 ether (equivalent to approximately $870,000) to THORChain in the final two days before converting it to bitcoin.
Additionally, MistTrack reports that a portion of the stolen ether was routed through the Swft blockchain, enabling its transfer to multiple bitcoin addresses.
Recently, the hackers moved a portion of the stolen funds to Garantex, a cryptocurrency exchange that faced sanctions from the U.S. Treasury’s Office of Foreign Assets Control (OFAC) in April of the same year.
This development raises concerns about the exchange’s involvement in facilitating the laundering of stolen funds.
Furthermore, blockchain security firm Elliptic believes that the notorious North Korean hacking group Lazarus is responsible for the Atomic Wallet hack, adding a geopolitical dimension to the incident.