BNB Chain Drainers Launder ~$2.7M via Multiple Routes, Including CEXs and Tornado Cash

The illicit funds were funneled through an intermediary address, identified as 0x9d5a, in a bid to obscure their origin and destination.

#PeckShieldAlert @satke drainers on #BNBChain laundered ~13K $BNB (~$2.7M) via intermediary address 0x9d5a.

They either directly transferred them to #CEXs, including #OKX, #ChangeNow, #MEXC, #Binance, or sent them to #TornadoCash, #CEXs via SWFT Blockchain.

They also bridged… pic.twitter.com/aOODFIWiuS

— PeckShieldAlert (@PeckShieldAlert) September 14, 2023

These malicious actors employed a multifaceted approach to launder the stolen BNB. They either directly transferred the ill-gotten gains to various cryptocurrency exchanges, including OKX, ChangeNow, MEXC, and Binance, or they utilized Tornado Cash, a privacy-focused Ethereum mixer, to further obfuscate the transaction trails.

The hackers leveraged the SWFT Blockchain to route the funds to centralized exchanges (CEXs), adding an additional layer of complexity to their money laundering scheme.

In addition to their interactions with CEXs and privacy-enhancing services, the cybercriminals displayed a sophisticated understanding of blockchain technology by bridging some of the stolen funds to ARB, a blockchain project, and subsequently transferring them out to BSC Token Hub.

The use of intermediary addresses, mixing services, and complex routing strategies demonstrates the increasing sophistication of cybercriminals in the crypto space. As illicit activities within the cryptocurrency ecosystem continue to evolve, it becomes imperative for security experts and blockchain projects to stay vigilant and enhance their anti-money laundering (AML) and cybersecurity measures.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Source