Funds Stolen in Ronin Hack Are Moved to Bitcoin! What will happen?

The attackers behind the $625 million attack on the Ronin bridge moved their funds to the Bitcoin network. BliteZero, a researcher, tracked the journey of stolen funds to the Bitcoin network. Here are the details…

New Development for Ronin Hack

Researchers watch as funds stolen from the Ronin bridge hack travel to the Bitcoin network. A researcher provided his analysis to the crypto community, uncovering the location of the stolen funds. BliteZero tracked the funds made to the Bitcoin network from the $625 million Ronin attack. According to the 2022 Mid-Year Blockchain Security and AML Analysis Report, the vast majority of Ronin hack funds were invested in Tornado Cash.

As Coinactual.com reported, Tornado Cash faced sanctions from the US Treasury for national security reasons. Hackers invested the Ethereum they gained from the attack on Huobi, FTX and Crypto.com. But the trail doesn't end in exchange deposits. The US Treasury has sanctioned Bitcoin mixer Blender for its association with Ronin hackers. Most Blender sanction addresses were deposit addresses used by Ronin hackers. It turned out that stock market withdrawals were made in these wallets.

Funds in Ronin Hack Now Connected to Bitcoin Network

The US Treasury estimated that the amount stolen was over $20.5 million. This amount was revealed in the sanctions statements. The $20.72 million value withdrawn from the exchanges also matches the amount indicated by the authorities. The hackers transferred money from Tornado Cash to renBTC using the 1inch and Uniswap platforms. This was the point at which funds were “bridged” to the Bitcoin network.

Researchers tracked renBTC and Uniswap funds that were bridged to the Bitcoin network by hackers. When stolen funds are converted to BTC, they can theoretically be distributed and disposed of more efficiently. However, researchers track every move of Ronin attackers and share it with the community.

Bitcoin Price Shows Signs of Recovery

Meanwhile, the BTC price is rising slightly after Friday's sharp drop. Analysts evaluated the price of Bitcoin. He identified the levels required for improvement in the asset. Pentoshi, a prominent market analyst and trader, stated that if the bulls fail to push BTC higher, Bitcoin will drop to $20,694. He also believes that BTC will continue its decline to $ 19,141. Still, in case of a recovery above $21,060, Bitcoin could continue its climb to $23,957.

Currently, the value of BTC has exceeded the level indicated by Pentoshi. BTC, the largest crypto with a market capitalization of $ 410 billion, changes hands at $ 21,445. The change in the last 24 hours is in the direction of an increase of 1.1 percent. However, it is worth noting that the crypto has lost 12 percent in the last 7 days.