A Case Study on Cryptocurrency Theft by the Platypus Attacker

02/24/2023 08:32 • NFT Newsflash • 145 views

According to the report, according to the data of MistTrack in Slow Fog, the Platypus attacker exchanged 10654 AVAX for 127 WETHs and then transferred them to the Ethereum network across the chain. At present, the stolen funds are located at 0x5fc3… 08bfd9, which extracted 12178 BUSDs from Binance in May 2022.

Platypus attackers exchanged 10654 AVAX for 127 WETHs and transferred them to the Ethereum network

Interpret the above information:

The message above is a report of a cryptocurrency theft conducted by an individual or a group of attackers known as the Platypus attacker. Based on the data from MistTrack, the thieves exchanged 10654 AVAX for 127 WETHs before transferring them to the Ethereum network. As of the report, the stolen funds are currently located at 0x5fc3… 08bfd9, which previously extracted 12178 BUSDs from Binance in May 2022.

Cryptocurrency theft is a prevalent issue in the digital finance sphere, and it is often challenging to trace the perpetrators due to the anonymity of blockchain transactions. However, with the aid of data analytics tools like MistTrack, it is possible to identify the flow of stolen coins and tokens across different platforms and chains.

The Platypus attacker’s modus operandi was to convert their stolen AVAX into WETH, a token exchangeable on the Ethereum network, making it difficult for authorities to track their movements. The choice of WETH is not surprising, considering that the Ethereum blockchain is one of the most liquid ones in the crypto world, with multiple decentralized exchanges (DEXs) and liquidity providers available.

It is worth noting that the stolen funds are still in the attacker’s possession, and the corresponding legal steps need to be taken to recover them. The 12178 BUSDs mentioned in the report could provide a lead for investigators to track the culprits through their Binance account, which could be affiliated with their real identities.

In summary, the Platypus attacker’s theft of 10654 AVAX highlights the need for more robust security measures to curb cryptocurrency theft. Data analytics tools like MistTrack can be employed to trace the path of stolen coins and tokens, but overall vigilance and user protection practices are essential to prevent cryptocurrency theft.

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A Case Study on Cryptocurrency Theft by the Platypus Attacker

Platypus attackers exchanged 10654 AVAX for 127 WETHs and transferred them to the Ethereum network

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