Bitget Hacker Utilizes Zcash Privacy Pool Amidst Rejected Swaps
- The Bitget hacker began concealing approximately $3.8 million (2,700 ZEC) in Zcash‘s Ironwood pool on September 30.
- Near Intents declined over $50 million in swaps linked to the hack, while Thorchain refused Bitget’s request to block the attacker’s addresses.
- Bitget estimates the total theft at $387.5 million, with suspicions pointing to North Korean involvement according to its CEO and blockchain analytics firm Elliptic.
- The attacker split funds into new wallets and used cross-chain swap services like Thorchain and others to obscure transactions.
- Near Intents’ SHIELD system froze about $503,000 mid-swap but allowed roughly $166,000 through.
The Bitget hacker has moved a portion of the stolen assets into Zcash’s privacy-focused Ironwood pool, complicating tracking efforts due to its encryption features. Near Intents’ refusal of swaps highlights ongoing challenges in managing unauthorized transactions within decentralized networks.
Despite efforts by Near Intents and others to intercept illicit activities, the hacker continues leveraging privacy tools and decentralized platforms to obscure fund movements from the significant Bitget breach valued at $387.5 million. (Source)
