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Stolen Funds Discovered and Traced Post-Cyber Attack

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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 (0xff…

Stolen Funds Discovered and Traced Post-Cyber Attack

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:


The realm of cryptocurrency has been an irresistible target for hackers, thieves and scammers as it is highly anonymous and complex. Almost every other day, a lot of organizations involved in cryptocurrency have to deal with cyber attacks, which not only compromise their sensitive data but involve the loss of millions of dollars.

In 2018, Gate.io, a digital cryptocurrency exchange was subject to an attack in which hackers got into the system and withdrew around $3.3 million worth of Ethereum. After the attack, the company thrived to improve its cybersecurity measures and trace the stolen funds.

According to a recent report by CertiK, a leading blockchain security company that provides auditing services, the stolen funds from Gate.io have been discovered and traced. This revelation was made after their monitoring systems identified that the funds were being transferred from the hacker’s account, 0xff8…, to different wallets.

The report indicates that a substantial amount of the stolen funds, approximately 194472 ETHs (around $3.149 million), have been transferred from the hacker’s account and transferred into different wallets. The discovery of the stolen funds has sent a sigh of relief to Gate.io’s customers and the cryptocurrency community at large. This is because the recovery of stolen funds in the crypto world is often close to impossible.

The ability to trace and recover stolen funds provides a new ray of hope to cyber attack victims, and it’s likely to encourage people to invest in cryptocurrency while having some level of confidence in the security of their investment. This move not only helps to boost the credibility of the cryptocurrency industry but encourages innovations in cybersecurity measures too.

In conclusion, the recent report by CertiK demonstrating the tracing of stolen funds post-cyber attack reflects the technological advancements made in the cryptocurrency industry. It is a symbol of hope to all that recovering stolen funds is possible, and it provides a path to encourage further development in security measures. It is also a reminder to cryptocurrency businesses to invest in cybersecurity to address potential attacks, reduce the impact of such attacks and protect their clients’ investments.

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