Unveiling Crypto Hacks: The Stained Whitehat Hacker and His Connections
Over the years, crypto hacks have become more elaborate and common. In 2024, the community has seen hundreds of millions swept away from exploits and scams, leaving investors empty-handed. Sometimes, the exploiters return the funds and point out a project’s vulnerabilities, helping prevent future incidents. However, it’s more common to see hackers take the stolen funds and flee the scene.
ZachXBT’s Investigation Reveals Link Between Exploits
Crypto investigator ZachXBT unveiled a chain of exploits seemingly connected to the self-called Whitehat hacker responsible for the Prisma Finance exploit that took $12 million last month. On March 28, Prisma Finance, the Ethereum-based decentralized lending protocol, suffered a hack that stole 3,479.24 ETH.
- The hacker contacted the Prisma team through an on-chain message, declaring to be a “Whitehat” looking out for users.
- The hacker claimed they wanted to “raise better awareness on serious contract audits” and the use of DeFi.
- Prisma Finance released a detailed post-mortem of the incident, which led to the hacker demanding changes to accusatory terms.
- The hacker requested a bounty of $3.8 million, worth 34% of the total funds, which was triple the industry standard of 10%.
Prisma’s Exploiter Linked To Several Crypto Hacks
ZachXBT’s deep dive into the timing of related transactions led to the discovery of activity connected to the Prisma Finance exploit on Tron. One address, TGviNZ, was linked to numerous exploits:
- TGviNZ was funded by the Arcade_xyz exploit from March 2023, where the exploiter requested additional funds from the project via Telegram.
- This address was also connected to the Pine Protocol exploit from February 2024, where the hacker asked for 50% of the funds and made additional unreasonable requests over email.
The investigation further revealed that TGviNZ is linked to the deployer of Modulus protocol, a decentralized, non-custodian platform. Additional details tied the suspected exploiter to the alias “0x77” on Telegram, paving the way for potential legal action.
Investigation Progress and Legal Action
The Prisma team now possesses details of the suspected exploiter and is evaluating the possibility of pursuing legal action in Vietnam and Australia. The connections between the Prisma Finance exploit and other hacks highlight a complex web of fraudulent activities in the crypto space.
Hot Take: Protecting Against Exploits and Fraud in the Crypto Space
As the crypto space evolves, it becomes crucial for investors and projects to remain vigilant against potential exploits and scams. Conducting thorough audits, implementing robust security measures, and collaborating with reputable investigators can help in safeguarding assets and maintaining trust within the community. By staying informed and proactive, we can collectively combat crypto hacks and ensure a secure environment for all stakeholders.
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