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Security specialists have discovered ties between a person on Telegram and cryptocurrency laundering activities connected to prominent exchange heists. The person in question is suspected of selling unlawfully obtained digital currencies at a slightly reduced market rate.
The findings come from Match Systems, a top-notch blockchain security agency. Throughout the summer of 2023, this firm delved deep into multiple significant security breaches that bore resemblances in execution. Their research trail led to this Telegram user, who they believe to be dealing in stolen digital assets through one-on-one transactions.
Upon further inspection, the security experts determined that this particular Telegram user held digital currencies valued at over $6 million. Their confirmation came when a minor transaction was traced back to a known address under the user's control. The way this user operated was intriguing. A custom-made bot on Telegram facilitated the trade of these stolen assets, providing potential buyers with a modest 3% off the current market rate. However, after their initial stock was exhausted, the individual informed potential buyers of a waiting period before the next batch would be available.
While Match Systems has not pinpointed the exact identity of this individual, they've gathered enough clues to believe the person operates from within the European time zone. This assessment was made based on the timing of their online interactions and certain screenshots.
Additionally, the mode of transaction seemed to be consistent: Bitcoin was the preferred choice. This Telegram merchant had previously dealt in $6 million of TRON tokens. Their most recent offerings were a mix of TRX, Ether, and Binance Smart Chain tokens, totaling a staggering $50 million.
However, another blockchain security entity, CertiK, shared their observations on the movement of stolen assets from a major theft known as the Stake heist. They noted that roughly $4.8 million of a vast $41 million sum was channeled through diverse token activities and switches between blockchain types.
Tying these loose ends together, the FBI had earlier pointed to the North Korean Lazarus Group as the brains behind the Stake heist. SlowMist, a cybersecurity agency, also associated a massive $55 million theft from CoinEx to the same North Korean faction.
Yet, Match Systems' data hints at a subtle difference in approach between the CoinEx and Stake thefts. Their study indicated that unlike past Lazarus Group activities, the thefts in summer 2023 prominently involved laundering in countries like Russia and Ukraine.
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