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In a riveting development on the Coinbase platform, a hacker accused of a $300 million theft caught the spotlight by sending an onchain message to blockchain researcher ZachXBT. This message followed the hacker’s conversion of approximately $43 million worth of cryptocurrencies via THORChain. The incident has cast a spotlight on the vulnerabilities in the cryptocurrency world and the activities of criminals on blockchain networks.
Onchain Message to ZachXBT
Experienced in blockchain analysis, ZachXBT noted that the hacker attempted to launder the stolen funds from Coinbase users. The hacker sent ZachXBT 0.06 ETH along with a message containing the phrase “L bozo” and a reference to a video of NBA legend James Worthy smoking a cigar. This message quickly spread across social media and the crypto community.
ZachXBT commented, “All BTC was stolen from users’ accounts during the Coinbase attack.”
Large Transfers via THORChain
The hacker allegedly laundered assets worth $42.5 million by converting Bitcoin 
$105,818 to Ethereum 
$2,630, using the decentralized platform THORChain. On the same day, a substantial transfer of 188.3 BTC (approximately $20 million) was announced by THORChain on their social media. Observers highlight that such transactions allow platforms to capitalize on high-volume transfers as a promotional tactic.
While THORChain shared information about the $20 million transaction, ZachXBT notably claimed these funds were stolen from Coinbase. His statement highlighted the origin of the transaction and the assets taken from users, causing ripples within the community and sparking various discussions.
Security and Blockchain Traceability
These events have once again underscored the necessity for enhanced security measures for cryptocurrency users and exchanges. Although blockchain technology ensures transactions are transparent and traceable, it’s noted that malefactors can obfuscate their tracks and launder funds using different methods. Decentralized platforms, in particular, complicate the tracing process.
Tracking criminal elements within the crypto sphere remains a significant challenge for blockchain analysis experts and platforms. Authorities reveal that attackers frequently use a variety of transfer and conversion methods to launder stolen funds. It’s anticipated that international cooperation and new software tools could play an effective role in such cases.
Experts suggest that the security of user accounts and customer support services might become even more prominent in the future. Companies are advised to enhance internal training and controls for employees. Additionally, platforms are encouraged to closely monitor high-volume transactions.
Observers note that the ability to track and discuss substantial crypto asset movements in real-time within the community can lead to a more transparent environment. Such incidents highlight both the opportunities presented by evolving blockchain technology and the risks it involves.
The hacker’s emergence through an onchain message has concentrated attention on cross-platform fund transfers and cybersecurity. Discussions around minimizing security breaches through technological and operational solutions may become more prominent across the industry. Collaboration among all involved parties is deemed necessary for global measures to prevent similar occurrences.
