According to BlockBeats, on June 2nd, a hacker associated with Velocore has reportedly converted the stolen assets into 1807 Ethereum (ETH), valued at approximately $6.88 million. The converted assets have been transferred to the Ethereum main network.
The conversion of stolen assets into Ethereum, a popular cryptocurrency, is a common tactic used by hackers to launder illicitly obtained funds. By doing so, they can potentially obscure the origin of the funds and make them harder to trace. The Ethereum main network is a decentralized platform that enables developers to build and deploy smart contracts and decentralized applications. It is also a popular platform for conducting transactions with Ethereum and other supported cryptocurrencies.
The incident underscores the ongoing security challenges faced by the cryptocurrency industry. Despite advancements in security measures, hackers continue to exploit vulnerabilities in systems to steal assets. The industry continues to grapple with these issues, seeking ways to enhance security and protect users' assets. The Velocore incident serves as a reminder of the importance of robust security measures in the digital asset space.