In a recent update on the X platform, Yu Xian, founder of the blockchain security firm SlowMist, revealed that the source of the suspected theft involving 4,064 BTC appears to have ties to Genesis Global Trading. This discovery follows a detailed investigation into the origins of the stolen funds.

Earlier reports highlighted a significant theft in which approximately 4,064 BTC, valued at around $238 million, was transferred in a suspicious manner. Blockchain detective ZachXBT first brought attention to the incident, noting that the stolen funds were swiftly moved through several platforms, including ThorChain, eXch, KuCoin, ChangeNow, Railgun, and Avalanche Bridge.

The connection to Genesis Global Trading, a prominent cryptocurrency trading firm, adds a new dimension to the ongoing investigation. The swift transfer of funds across multiple platforms suggests a well-coordinated effort to obscure the trail, raising concerns about the potential involvement of sophisticated actors in the crypto space.

As investigations continue, the linkage to Genesis Global Trading could provide crucial leads in uncovering the full extent of the theft and the parties involved. The incident underscores the ongoing risks in the cryptocurrency industry, particularly concerning the security of large digital asset holdings.