In a recent on-chain analysis, crypto analyst ZachXBT has tracked the movements and the current whereabouts of the funds stolen during the team-vanishing hack of Slope Wallet, a project established by Leal Cheung, in August 2022.
According to the detailed analysis by ZachXBT, it was revealed that the wrongdoer, who exploited Slope Wallet and made off with $4 million, demonstrated constant activity in laundering funds off of Solana from the original theft addresses during March and August 2023. The malicious actor reportedly utilized instant exchanges (specifically Binance nested) to transfer funds from Solana to Ethereum. This operation was tracked by timing analysis, and the destination addresses were disclosed.
Proceeding with the fund movements, the cash stolen from Slope Wallet was then deposited from these Ethereum addresses into Tornado Cash, totaling at 322 ETH at different intervals throughout 2023. The funds were then strangely demixed and transferred entirely to a single address.
The funds residing on this Ethereum address were later bridged to TRON via SWFT. Within the TRON ecosystem, the laundered USDT was distributed among several addresses having prior USDT transaction history, which are suspected to be small services or OTCs typically employed to cash out funds P2P.
ZachXBT's analytical findings echo the analysis released last year by SlowMist Team, suggesting that the Slope hacker utilized an OTC on Tron.
Unfortunately, despite the milestones in tracing the stolen funds, the Slope team still appears unaccountable for the hack and minimal effort has been made to address the situation. There is a growing angst among the victims as seen in the numerous queries about the investigation's progress on their Twitter and Telegram channels. Given the management's handling of the hack incident so far, it remains highly unlikely that the victims will receive any form of restitution.
