An Anonymous Whale Suffers $238 Million Crypto Hack
A Whale hacked funds were swiftly dispersed to various exchanges including ThorChain, eXch, KuCoin, ChangeNow, Railgun, and the Avalanche Bridge.
An anonymous whale suffers a massive crypto hack. The recent $238 million Bitcoin (BTC) transfer, initiated just a few hours ago from a whale account, has sent shockwaves through the crypto space, highlighting the delicate dance between security, privacy, and the potential for exploitation, according to Zachxbt.
The Crypto Hack
The transaction, identified by its hash 4b277ba298830ea538086114803b9487558bb093b5083e383e94db687fbe9090, originated from a potential victim’s wallet. According to the source, the hacker swiftly dispersed the funds to various exchanges, including ThorChain, eXch, KuCoin, ChangeNow, Railgun, and the Avalanche Bridge.
Notably, while Railgun, a privacy-focused platform, allows for anonymous transactions, it necessitates a Private Proof of Identity (POI) to shield tokens from public scrutiny. As pointed out by Zachxbt, a private investigator, the Bitcoin involved in this transfer ultimately failed to generate the required POI.
Subsequently, the funds were returned to their original address, leaving their movement entirely traceable. Furthermore, the hacking transparency sparked speculation across social media platforms, with many X users suggesting a possible breach of the Bitcoin network using advanced technologies like quantum computing and artificial intelligence.
However, “Such speculations, while intriguing, warrant careful consideration. While it looks like a cyberattack, it is crucial to avoid jumping to conclusions. An X user countered, “The transaction’s trajectory, however, raises serious concerns about the potential for misuse of privacy-enhancing technologies like Railgun.”
HSBC Australia Banks Blocks Crypto Transactions Over $171M Lost on Scams
HSBC Australia Banks, an affiliate of the world banking and financial services organization HSBC Holdings plc, has announced that it will no longer allow cryptocurrency transactions to cryptocurrency exchanges on its platform.
The Australian bank serves about 1.5 million customers and has established a strong presence in 34 countries, operating 45 branches domestically. In a July 24 email to customers, the bank informed them that it, along with other major banks in the country, would block payments from bank accounts or credit cards to any cryptocurrency exchange. They advised customers to seek alternative payment methods to facilitate their cryptocurrency transactions.
Although the bank will block transactions made to cryptocurrency exchanges, it will continue to accept incoming transfers from these platforms.HSBC Australia cited customer protection from scams as the primary reason behind its recent policy change, particularly in the wake of a report that Australians lost up to $171 million to scams in 2023.
