Several DeFi protocols seem to have benefited from North Korean hackers moving hundreds of millions of dollars\u2019 worth of crypto they stole from Binance on October 30.<\/p>\n
On-chain investigations suggest that the laundering operation generated more than $100,000 in protocol revenue per day for five services.<\/p>\n
Blockchain investigator dethective, on November 2, posted<\/a> a breakdown of protocol revenues linked to wallets associated with the Democratic People\u2019s Republic of Korea (DPRK), with SunSwap, THORChain, Relay, Symbiosis, and Chainflip making the most money.<\/p>\n Per the data, SunSwap generated $29,697 attributed to the hacker, while THORChain, in second place, earned $28,184. On its part, Relay earned slightly more than $23,000, while Symbiosis made just over half of that. Chainflip wrapped up the top five, collecting $7,433 to bring the total for them to $101,144.<\/p>\n The increase in revenue was most pronounced at THORChain and Relay, whose daily revenues went up 2,229% and 1,954%, respectively, compared with typical October levels. SunSwap recorded an 815% jump, while Symbiosis and Chainflip posted gains of 358% and 194%.<\/p>\n According to dethective, the figures are based on Elliptic and FBI hack lists, as well as some additional wallets that had been traced on-chain. They also counted every Tron transfer between October 29 and November 1, with revenue calculated using DeFiLlama\u2019s definition of what each protocol remains with.<\/p>\n However, the investigator pointed out that they had left out one possible entry since they weren\u2019t 100% certain of their link to the Binance attacker: a router contract named BWSwapRouterV1, which may have collected approximately $175,000 across 3,561 swaps that involved about $58 million.<\/p>\n A separate investigation by SomaXBT traced<\/a> some $242 million moved through the Tron network in two days, a small chunk of the $628 million the attacker had originally stolen on the network, with Tether freezing over $378 million of it in USDT. According to on-chain analysts, there is still more than $3 billion in stolen funds that\u2019s untouched across other blockchains.<\/p>\n THORChain was the hacker\u2019s largest exit route for that $242 million, as they used it to move over $48 million. According to SomaXBT\u2019s investigations, the hackers ultimately received $42.7 million, having lost $5.7 million to fees and slippage, with interfaces facilitating those transactions collecting about $95,000 in affiliate fees.<\/p>\n On November 1, the FBI formally blamed<\/a> the Binance hack<\/a> on North Korea\u2019s TraderTraitor, and Relay, which in past attacks linked to this particular actor barely saw any action, this time is reported to have handled a pretty sizable chunk, sending approximately $48 million into Ethereum, Bitcoin, and the Lighter decentralized exchange. SomaXBT says they also traced $32.1 million and $16.0 million processed through Chainflip and Symbiosis, respectively.<\/p>\n The post Stolen Binance Funds Drive DeFi Protocol Revenue Gains: Investigator<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Several DeFi protocols seem to have benefited from North Korean hackers moving hundreds of millions of dollars\u2019 worth of crypto they stole from Binance on October 30. On-chain investigations suggest that the laundering operation generated more than $100,000 in protocol revenue per day for five services. THORChain, Relay and SunSwap Among Biggest Beneficiaries Blockchain investigator […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-246837","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/246837"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=246837"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/246837\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=246837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=246837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=246837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}THORChain and Relay Processed Millions in Stolen Funds<\/h2>\n