Rewards Hub Hackers responsible for the $98 million theft from Balancer last November have commenced laundering the stolen assets, according to analyst Yu Jin. The hackers are converting Ethereum (ETH) to Bitcoin (BTC) via THORChain, having already exchanged 14,300 ETH for 419.3 BTC, valued at approximately $32.51 million. The hacker's address still holds 7,700 ETH and 419.3 BTC, with a total value of around $50.4 million. The fiat value of the stolen assets has significantly decreased due to the recent drop in ETH prices. Previously, KelpDAO hackers used a similar method to convert over 70,000 ETH to BTC.
Balancer Hackers Begin Laundering $98 Million in Stolen Assets
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