Onchain analysts claim that Crypto.com’s losses from the latest security breach may have been worth more than $15 million.

Alias ​​ErgoBTC, a network analyst at Bitcoin (BTC) OXT Research, claims that the Crypto.com security breach that allegedly led to the loss of 4.6 thousand Ether ($15 million) could be worth up to $33 million. .

On Monday, reports surfaced that Crypto.com had stopped withdrawing funds “after a few users encountered” suspicious transactions on their accounts. The cryptocurrency exchange has since resumed withdrawals and confirmed that user funds are “safe,” but later reports that it lost 4,6K ETH ($15 million) was laundered with Tornado Cash.

On Tuesday, ErgoBTC tweeted that another 444 bitcoins ($18.5 million) were stolen from a Crypto.com payment wallet. ErgoBTC reports that OXT Research discovered a suspicious transaction for 52.55 BTC ($2.18 million) from the Crypto.com escrow wallet.

According to ErgoBTC, there were “several hundred withdrawals” after the transaction, which were then combined into four withdrawals of 67.75 BTC ($2.81 million) each. The four payments totaled 271 bitcoin ($11.25 million), all of which were laundered using a bitcoin tumbler, a service that allows customers to combine multiple transactions and makes it difficult for investigators to track bitcoin transfers.

The bitcoin cylinder, which alleged criminals allegedly used to launder 271 bitcoins, is a well-known tool used by North Korean cybercriminals syndicate Lazarus, according to a report by ErgoBTC.

According to ErgoBTC, the criminals behind the Crypto.com security breach also verified another address with 172.9 BTC ($7.25 million). Blockchair data shows that the address received funds around the same time as other transactions related to the Crypto.com hack. But at the time this article was published, the alleged hacker had not transferred funds through the Bitcoin service.

Related: ImmuneFi Announces $10 Billion in DeFi Hacks and Losses in 2021

As at the time of writing, Crypto.com has yet to admit losses. Cointelegraph has contacted Crypto.com for more information on the decision to halt withdrawals, but has not received a response as of press time. This article will be updated with new information pending.

Source: CoinTelegraph

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