Hackers Continue to Transfer Stolen Funds from 2018 Gate.io Attack

02/23/2023 02:10 • Blockchain Buzz • 129 views

It is reported that according to CertiK monitoring, hackers are transferring stolen funds from the Gate.io attack in 2018. Up to now, the account address (0xff8…) has transferred 194472 ETHs (about $3.149 million) to different wallets.

Security team: In the 2018 Gate.io attack, hackers have transferred 1944.72 ETHs to different wallets

Interpret the above information:

The recent report from CertiK monitoring reveals that hackers are still maneuvering the stolen funds from a major attack on the Gate.io platform in 2018. According to the report, the hackers have been transferring the stolen funds to different wallets, and so far, they have managed to move a staggering 194472 ETHs, equivalent to about $3.149 million in value.

The incident, which occurred in August 2018, was a severe attack on the popular Gate.io cryptocurrency trading platform. The hackers had created a fake Sybil node, which enabled them to alter the results of the auditing system and redirect the funds to their own wallets. Despite efforts to try to recover the stolen funds, they have remained largely untouched since the incident.

Reports of the hackers’ continued movement of the stolen funds have triggered concerns about the vulnerability of cryptocurrency platforms and the risks associated with leaving significant amounts of assets on exchanges. Although many exchanges have implemented advanced security protocols, the ease with which hackers can still maneuver significant sums of money from past attacks highlights the limitations of these systems.

The fact that the stolen funds have remained untouched for nearly three years also exposes the inability of the authorities to track and arrest the culprits. These criminals have continued to operate with ease, and it is clear that they have managed to evade detection from even the most advanced security systems.

In conclusion, the ongoing transfer of stolen funds from the 2018 Gate.io attack demonstrates the importance of implementing robust security protocols on cryptocurrency platforms. Additionally, it highlights the need for more effective measures to bring perpetrators of cybercrime to justice. As long as these criminals can operate with impunity, there will always be a significant risk to the cryptocurrency ecosystem.

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Hackers Continue to Transfer Stolen Funds from 2018 Gate.io Attack

Security team: In the 2018 Gate.io attack, hackers have transferred 1944.72 ETHs to different wallets

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