Victims of Slope Wallet Hack Unlikely to Recover Funds, Says Investigator
According to blockchain sleuth ZachXBT, victims of the Slope Wallet hack are unlikely to recover their funds as the project’s team has taken no responsibility for the incident. The hack, which resulted in a $4 million loss in August 2022, saw the stolen crypto transferred from Solana to Ethereum using Binance nested exchanges. The hacker then laundered the funds through Tornado Cash, a sanctioned crypto mixer on the Ethereum blockchain.
To cover their tracks, the hacker bridged the laundered crypto between Ethereum and TRON using SWFT, a cross-chain bridge. While it’s unclear if all of the stolen funds were transferred from Solana, ZachXBT states that the laundered funds eventually settled on the TRON network as USDT stablecoin through active addresses with prior USDT transaction history.
ZachXBT also warned users to avoid interacting with zkME, a new crypto startup supposedly created by Slope Wallet founder Leal Cheung, who left his previous project after the hack.
Slope Wallet Takes No Responsibility for Hack
Victims of the Slope Wallet hack are facing an uphill battle in recovering their lost funds. The project’s team has failed to take any responsibility for the $4 million loss suffered in August 2022. Blockchain investigator ZachXBT revealed that the hacker successfully moved the stolen cryptocurrency from Solana to Ethereum via Binance nested exchanges before laundering it through Tornado Cash, an Ethereum-based crypto mixer.
In an attempt to obfuscate their activities, the hacker utilized SWFT, a cross-chain bridge, to transfer the laundered crypto between Ethereum and TRON. While it remains unclear if all of the stolen funds were moved from Solana, ZachXBT noted that the funds eventually settled on the TRON network in the form of USDT stablecoin through active addresses with previous USDT transaction history.
ZachXBT also cautioned users against engaging with zkME, a new crypto startup allegedly created by Leal Cheung, the founder of Slope Wallet who abruptly left the project after the hack.
Investigator Believes Slope Wallet Hack Victims Unlikely to Recover Funds
Blockchain investigator ZachXBT has expressed doubts about the chances of victims recovering their funds following the Slope Wallet hack. The team behind the project has not taken any responsibility for the incident that led to a $4 million loss in August 2022. According to ZachXBT, the hacker successfully moved the stolen cryptocurrency from Solana to Ethereum using Binance nested exchanges before laundering it through Tornado Cash, an Ethereum-based crypto mixer.
In an effort to cover their tracks, the hacker used SWFT, a cross-chain bridge, to transfer the laundered crypto between Ethereum and TRON. While it is unclear if all of the stolen funds were transferred from Solana, ZachXBT noted that they eventually settled on the TRON network as USDT stablecoin through active addresses with prior USDT transaction history.
ZachXBT also warned users to steer clear of zkME, a new crypto startup allegedly created by Leal Cheung, the founder of Slope Wallet who left his previous project following the hack.
Hot Take: Slope Wallet Hack Victims Unlikely to See Recovery
Victims of the Slope Wallet hack are facing grim prospects for recovering their lost funds. The team behind the project has failed to take responsibility for the incident that resulted in a $4 million loss. Blockchain investigator ZachXBT revealed that the stolen cryptocurrency was successfully moved from Solana to Ethereum before being laundered through Tornado Cash.
The hacker attempted to cover their tracks by using a cross-chain bridge to transfer the laundered crypto between Ethereum and TRON. While it remains uncertain if all of the stolen funds were transferred, they eventually settled on the TRON network in the form of USDT stablecoin. ZachXBT also cautioned against engaging with zkME, a new crypto startup supposedly created by the founder of Slope Wallet.
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