The theft is slowly coming to light. Unfortunately, the receptivity of this market is also whet the appetite of cryptocurrency scammers. Fortunately, they do not and will not get away with what they do. Here are the details;
In a recent update on the X platform, Yu Xian, founder of blockchain security firm SlowMist, revealed that the source of the suspicious theft involving 4,064 BTC was his connections to Genesis Global Trading. This discovery came after a detailed investigation into the origins of the stolen funds.
Previous reports highlighted a significant theft in which approximately 4,064 BTC worth approximately $238 million was suspiciously transferred. Blockchain detective ZachXBT was the first to draw attention to the incident, noting that the stolen funds were quickly moved through various platforms, including ThorChain, eXch, KuCoin, ChangeNow, Railgun, and Avalanche Bridge.
The connection to Genesis Global Trading, a leading cryptocurrency trading firm, adds a new dimension to the ongoing investigation. The rapid transfer of funds across multiple platforms suggests a well-coordinated effort to hide the trail, raising concerns about the potential involvement of sophisticated actors in the crypto space.
While investigations are ongoing, the connection to Genesis Global Trading could provide important clues to uncovering the full scope of the theft and the parties involved.
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