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Crypto Alert Series: Anatomy of a $650k token theft

coinfirm aml amlt crypto fraud theft scams digitalization

coinfirm aml amlt crypto fraud theft scams digitalization

This week’s crypto alert of the week is about the hack of a well recognized token worth around $650k at the time.

Recently a renowned token (we chose not to name them) was recently hacked and the token team came to Coinfirm and AMLT Network to report and help track the tokens and appropriate addresses.

On July 13th approximately $650k worth of tokens were taken from the originating address and distributed to 26 different addresses. 

3 days later on the 16th of July, 12 of those addresses sent approximately $400k worth of the tokens to a major and known exchange (we chose not to name them).

Another 4 days later on the 20th of July, the remaining 14 addresses sent the approximate $250k worth of remaining tokens to another major and known exchange (also have chosen not to name them).

The related addresses to the hack and eventual distribution of funds have been submitted into the AMLT Network and marked and flagged in the Coinfirm AML/KYC Platform. Here you have a before and after where you can can see how the appropriate flags and elevated risk rating is associated to the deposit address of the major cryptocurrency exchange in our AML/KYC Risk Report. Please note that for security and relations reasons as we are actively servicing this particular hack, the wallet addresses have been blacked out.

As the stolen tokens were deposited on two major and well known exchanges, it continues to show the further need for the integrations of platforms and systems like the Coinfirm AML/KYC Platform and the AMLT Network.

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