Ethereum Hacker Resurfaces After 7 years to Launder Stolen $ETH

A major security vulnerability was exposed in the Parity Multisig Wallet version 1.5+ in 2017. It resulted in unauthorized access and theft of more than 150K $ETH. This amount was equivalent to $30 million that time while at the current price it is valued $442M. Recently, the hacker began laundering 3050K ETH through eXch, valued at $9 million. They still retain control over 83017K ETH, now valued at $246.6 million, according to Cyvers Alerts. This event brought attention to the dangers inherent in storing and managing digital assets.

ALERT In 2017, a vulnerability in Parity Multisig Wallet version 1.5+ led to the theft of over 150K ETH, valued at approximately $30M USD at the time.

The hacker behind this theft has demonstrated remarkable patience, marking a significant chapter in crypto history. Today,… pic.twitter.com/JPD5nJcmrJ

— Cyvers Alerts (@CyversAlerts) May 13, 2024

Thief to Launder Stolen Ethereum Worth $9M

Fast-forwarding the timeline to the current day, the entity behind the Ethereum theft has officially re-emerged after 7 years, but in quite a surprising fashion. Rather than attempting to hide the stolen finances, this actor is now laundering a part of the stolen cryptocurrency.

The approach involves the movement of 3050K ETH worth of about $9 million via the eXch platform. The proportion of the funds is hidden by the utilization of multiple consolidated addresses, making it difficult to follow the trail. Those interested in monitoring these activities can do so via the following address: etherscan.io/address/0x5167052b83f36952d1a9901e0de2b2038c3dd1a3.

However, in terms of the laundering activity mentioned, a total of 83017K ETH or about $246.6 million. USD has not been moved from the perpetrator’s possession. To this day, the following quantity remains fully available via the main address: etherscan.io/address/0xb3764761e297d6f121e79c32a65829cd1ddb4d32.

Hacker Reappearance Prompts Digital Asset Security Reminder

This event again highlights that the cryptocurrency sphere continues to present numerous threats and issues. Although many initiatives are being undertaken to address these problems, fraudsters continue to exploit existing vulnerabilities to their own advantage.

Lastly, the re-emergence of the identified criminal connected to the Parity Multisig Wallet does suggest that all digital owners must remain cautiously aware and protect their assets in more safe and secure way.