The post $28M Bittensor Hack Linked to NFTs by ZachXBT appeared on BitcoinEthereumNews.com. Investigator Follows the Trail Through Mixers and Privacy Networks On-chain investigator ZachXBT has uncovered new evidence in one of the largest crypto hacks of 2024 — the attack on the Bittensor protocol, which led to the theft of approximately $28 million in TAO tokens. Despite the hacker’s use of Railgun’s privacy system, ZachXBT successfully traced the movement of the stolen funds, eventually identifying a key suspect linked to the operation. According to the analyst, the attackers initially withdrew assets through instant exchanges, converting them into Monero. Later, they transferred about $5 million to Railgun using Ethereum, USDC, and WETH. While Railgun, much like Tornado Cash, promotes itself as a tool for private transactions, it has also been exploited to conceal stolen crypto assets. Source: ZachXBT How NFTs Helped Hide the Trail ZachXBT’s investigation relied on precise timing and value matching to connect deposits and withdrawals within the Railgun system. “Unique denominations and short intervals between transactions ensure reliable de-mixing,” he explained. After the withdrawals, the stolen assets were divided among three wallets that were later used to buy and resell anime-themed NFTs. While fake NFT trading is uncommon for laundering crypto, in this case it helped disguise the transfers. Purchased NFTs. Source: ZachXBT One of these addresses was tied to a Bittensor user known as Rusty, creator of Skrtt Racing — a project that allowed cryptocurrency betting on Hot Wheels–style toy races. ZachXBT later determined that the individual, identified in court records as Ayden B, denied involvement in the hack but confirmed ownership of the wallets connected to the suspicious transactions. The investigator expressed hope that the evidence collected could form the basis of a criminal case. Source: https://coinpaper.com/11724/zach-xbt-traces-28-million-bittensor-hack-to-nft-purchasesThe post $28M Bittensor Hack Linked to NFTs by ZachXBT appeared on BitcoinEthereumNews.com. Investigator Follows the Trail Through Mixers and Privacy Networks On-chain investigator ZachXBT has uncovered new evidence in one of the largest crypto hacks of 2024 — the attack on the Bittensor protocol, which led to the theft of approximately $28 million in TAO tokens. Despite the hacker’s use of Railgun’s privacy system, ZachXBT successfully traced the movement of the stolen funds, eventually identifying a key suspect linked to the operation. According to the analyst, the attackers initially withdrew assets through instant exchanges, converting them into Monero. Later, they transferred about $5 million to Railgun using Ethereum, USDC, and WETH. While Railgun, much like Tornado Cash, promotes itself as a tool for private transactions, it has also been exploited to conceal stolen crypto assets. Source: ZachXBT How NFTs Helped Hide the Trail ZachXBT’s investigation relied on precise timing and value matching to connect deposits and withdrawals within the Railgun system. “Unique denominations and short intervals between transactions ensure reliable de-mixing,” he explained. After the withdrawals, the stolen assets were divided among three wallets that were later used to buy and resell anime-themed NFTs. While fake NFT trading is uncommon for laundering crypto, in this case it helped disguise the transfers. Purchased NFTs. Source: ZachXBT One of these addresses was tied to a Bittensor user known as Rusty, creator of Skrtt Racing — a project that allowed cryptocurrency betting on Hot Wheels–style toy races. ZachXBT later determined that the individual, identified in court records as Ayden B, denied involvement in the hack but confirmed ownership of the wallets connected to the suspicious transactions. The investigator expressed hope that the evidence collected could form the basis of a criminal case. Source: https://coinpaper.com/11724/zach-xbt-traces-28-million-bittensor-hack-to-nft-purchases

                                                                               Bitcoin’s market cycles may stretch longer as ISM manufacturing data remains weak, hinting at extended macro headwinds and slower business recovery.                     The Institute for Supply Management’s (ISM) Manufacturing Purchasing Managers’ Index (PMI) has historically aligned with major peaks in Bitcoin’s market cycles — a pattern that, if repeated, could imply a longer-than-usual cycle this time around.The correlation between the ISM PMI and Bitcoin’s (BTC) price was first popularized by Real Vision’s Raoul Pal and has since gained traction among macro-focused crypto analysts.“All 3 past Bitcoin cycle tops have broadly aligned with this monthly, oscillating index,” analyst Colin Talks Crypto noted, referencing the recurring overlap between Bitcoin’s market highs and the PMI’s cyclical peaks.Read more