Twitter Hackers Using Peel Chains To Transfer Stolen Funds: Ciphertrace
On July 21, Ciphertrace stated that the Twitter hackers used the peel chain to transfer 0.2BTC to a P2P exchange.
Most hackers use the peel chain to transfer the stolen funds to a crypto casino.
It is being believed that mostly this tactic has been used by the hackers of North Korea.
North Korean Hackers Using Peel Chain
Ciphertace estimated that the North Korean hackers used the peel chains tactic to launder over $100 million.
After the investigation, Ciphertrace found that Twitter hackers had shifted the stolen funds onto different exchanges, P2P marketplace and gambling platforms. For doing so, they decided to set up peel chains, which hide the movement of the funds.
It has been notified that the hackers have transferred from 0.1 to 0.15 BTC to the exchanges in India, the US and Turkey.
Total 18 Transactions Made By Hackers
Currently, around 18 transactions have been made by hackers to the different platforms of the crypto, and it is to be noted that they over 1 BTC had been sent to a Singapore-based regulated exchange.
According to an earlier report, the funds transferred by most hackers were used for coin mixing services but the now it appears that the stolen funds are directed to crypto trading venues.
The Twitter hackers also moved some fund to an old Binance cold wallet to troll the investigators.
On July 22, Ciphertrace launches the ‘real-time transaction risk scoring’ so that whenever any suspicious transaction of Bitcoin is processed, it gets declined before being confirmed.
The new software introduced by Ciphertrace would help the users, whether it is a crypto exchange or the payment processor or even the ATM operators, in quickly freezing the suspicious transaction. The software will also help the investigators in scrutinizing the whole issue.
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