Thieves netting massive sums in cybercrime have limited options for laundering the funds
Many eyes in the crypto world are on a 42-character address on the Ethereum blockchain, which has unclear ownership and is currently home to the equivalent of about $600 million.
Hackers stole the funds from players of online game “Axie Infinity” in a March 23 heist uncovered last week. The criminals have moved millions of dollars of assets in recent days, according to blockchain-monitoring tools, but the majority of funds remain in place, leaving victims and outside observers awaiting next moves.
Crypto’s transparency has turned money laundering into a perverse spectator sport. Transaction records on public blockchains give authorities a bird’s-eye view of stolen funds equivalent to tens or hundreds of millions of dollars, often pilfered by targeting poorly secured software bridges that transfer assets between blockchains.
The openness leaves successful cyber thieves facing a key question: How do you launder a nine-figure score?