Hackers transfer stolen funds from Gate.io attack in 2018

02/23/2023 02:10 • AI & Tech Insights • 183 views

It is reported that according to CertiK monitoring, hackers are transferring stolen funds from the Gate.io attack in 2018. Up to now, the account address (0xff8…) has transferred 194472 ETHs (about $3.149 million) to different wallets.

Security team: In the 2018 Gate.io attack, hackers have transferred 1944.72 ETHs to different wallets

Interpretation of the news:

According to recent reports from CertiK monitoring, hackers are transferring stolen funds from the Gate.io attack that occurred in 2018. The account address, which can be tracked using the unique identifier of 0xff8…, has managed to transfer an astonishing 194472 ETHs to various wallets. This amount roughly equals $3.149 million at the present exchange rate.

The Gate.io exchange in 2018 was victimized by a significant cyber-attack, which led to the theft of digital assets worth millions of dollars. The attack spread quickly, causing great concern in the cryptocurrency community. It is still unclear who is behind the attack, but the trail of stolen funds suggests that the hackers might have sold some assets on an exchange website.

Since the attack, many exchanges such as CertiK have increased their focus on monitoring potential threats and breaches in the blockchain world. One of the effective strategies used by the security agencies is to track the stolen funds over blockchain networks. By doing so, they can monitor any suspicious activity and give prompt alerts in case of unauthorized use of the stolen funds.

As for the current situation, it is essential to track the wallets where the stolen funds have been transferred to check if they have been sold or are still being held by the hackers. If they are being held, the funds may be used in the future to conduct more high-profile or malicious attacks on cryptocurrency exchanges.

Moreover, the incident once again highlights the importance of blockchain security and the need for preventive measures. Huge efforts should be in place to secure the digital assets and prevent losses caused by cyber-attacks.

In conclusion, the incident reports from CertiK and the transfer of stolen funds from the Gate.io attack in 2018 are a reminder that the blockchain industry is still at risk of hacking and fraudulent activities. It is crucial to take adequate preventive measures and to constantly improve blockchain security measures to counter these threats.

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