News that a “blockchain bandit” had reemerged stunned the bitcoin community recently. Recent sources claim that the hacker was able to revive and transfer almost $90 million in crypto assets.
The money was taken through a string of attacks between 2017 and 2018, carried out by the hacker, who is thought to be a Russian citizen. The hacker was able to take almost $100 million worth of cryptocurrency in all. Due to the size of the thefts at the time, the hacker was given the nickname “blockchain bandit.”
Blockchain Bandits Are Constantly Coming Back:
Despite efforts by security and law enforcement companies to locate the stolen money, the hacker was able to avoid capture and conceal the crypto assets. But over the last week, the hacker reappeared and began shifting the money around.
Numerous wallets, including those that may be exchanged, have been connected to the money. It appears the hacker is making an effort to launder the stolen money by trading it for fiat money or other cryptocurrencies.
The incident is a clear warning that the bitcoin industry has to take more security precautions. The hacker successfully laundered a significant amount of money while avoiding detection for more than two years.
Thankfully, law enforcement has finally been made aware of the blockchain bandit case. Law enforcement and security companies are currently collaborating to find the cash and catch the hacker.
It is obvious that in order to identify and stop these sorts of breaches, the bitcoin sector has to be more watchful. Many exchanges have already increased their security standards in the light of this occurrence.
In order to safeguard themselves and their users from hackers and other illegal acts, it will be crucial to make sure that exchanges and other firms involved in the cryptocurrency industry have the proper security measures in place.