ZachXBT exposed the theft of 282M BTC and LTC via Monero
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One victim lost over $282 million in Bitcoin and Litecoin in a hardware wallet social engineering attack. The stolen funds were seized through Monero, which reached a new high of nearly $800 in the week just days after the incident.
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According to blockchain researcher ZackXBT on his official Telegram channel, the victim lost more than $282 million in Bitcoin and Litecoin on January 10.
The attacker took control of the victim's wallet and began moving the stolen assets quickly across multiple networks. The hacked addresses contained approximately 2.05 million Litecoin and 1,459 Bitcoin at the time of the theft.
Shortly after the money was transferred, the attacker began converting the stolen Bitcoin and Litecoin to Monero using several instant exchanges. A sudden surge in conversion activity has caused Monero's price to skyrocket, ZachXBT reports.
Since the event, Monero has soared to a new all-time high near $800 earlier in the week, a 74% increase. At the time of press release, Monero was back to $670 but the event is up about 46%.
In parallel, the stolen part of Bitcoin was bridged across multiple networks using THORChain, funds were transferred to Ethereum, Ripple and Litecoin.
