Blockchain analytics investigators have uncovered an individual linked to a cryptocurrency laundering operation that is offering stolen tokens at discounted prices from recent high-profile exchange hacks.
Speaking exclusively to Cointelegraph, a representative from blockchain security firm Match Systems outlined how investigations into several major breaches featuring similar methods through the summer months of 2023 have pointed to an individual who is allegedly selling stolen cryptocurrency tokens via peer-to-peer transfers.
Related: CoinEx hack: Compromised private keys led to $70M theft
The investigators managed to identify and make contact with an individual on Telegram offering stolen assets. The team confirmed that the user was in control of an address containing over $6 million worth of cryptocurrencies after receiving a small transaction from the corresponding address.
The exchange of stolen assets was then conducted through a specially created Telegram bot, which offered a 3% discount off the token’s market price. Following initial conversations, the owner of the address reported that the initial assets on offer had been sold and that new tokens would be available some three weeks later:
“Maintaining our contact, this individual notified us about the commencement of new asset sales. Based on the available information, it is logical to assume that these are funds from CoinEx or Stake companies.”
The Match Systems team has not been able to fully identify the individual but has narrowed down their location to the European time zone based on several screenshots they had received and timings of conversations:
“We believe he is not part of the core team but is associated with them, possibly having been de-anonymized as a guarantee that he will not misuse the delegated assets.”
The individual also reportedly displayed “unstable” and “erratic” behavior during various interactions, abruptly leaving conversations with excuses like “Sorry, I must go; my mom is calling me to dinner”.
“Typically, he offers a 3% discount. Previously, when we first identified him, he would send 3.14 TRX as a form of proof to potential clients.”
Match Systems told Cointelegraph that the individual accepted Bitcoin (BTC) as a means of payment for the discounted stolen tokens and had previously sold $6 million worth of TRON (TRX) tokens. The latest offering…
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