TREE NEWS reports: The hacker behind the $351.6 million Bitget exploit is converting stolen ETH into BTC through THORChain, on-chain monitoring firm Lookonchain said on September 28. The cross-chain swap moves the funds across networks and complicates tracing, as the ETH is exchanged for Bitcoin via the decentralized liquidity protocol.
Bitget hacker swaps stolen ETH for BTC via THORChain
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AI take
The choice of THORChain is the tell: a decentralized, non-custodial swap avoids the centralized exchange chokepoints that law enforcement and analytics firms typically lean on, turning the laundering into a pure on-chain problem. It also shows how cross-chain liquidity protocols double as neutral infrastructure for moving illicit value between two of the largest asset networks. Whether the BTC is consolidated into known clusters or dispersed to fresh addresses is the open question, since that determines how much traceability survives the swap.
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