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$600m in cryptocurrencies swiped from Poly Network

Michael Wojcik Silver badge

Shrug. Most of the victims are going to be legitimate cryptocurrency fans, high-risk investors, or small-time criminals. The chances of identifying the attacker are very low.

The DAO attacker retained around $8.5M (circa April 2021; I haven't looked for more recent figures) in ETC even after the post-DAO hard fork of Ethereum, and hasn't been identified yet. Probably never will be.

It wouldn't be hard to launder $300M in cryptocurrency, as long as you're patient and don't try to convert a lot at once. While there has been some promising work on de-anonymization and tracking of cryptocurrency transactions, including "tumbling" and other laundering operations, it's still quite limited, particularly against operators who have decent opsec.

I'm certainly not endorsing this sort of thing, but as criminal enterprises go I think it's both lucrative and low-risk, and so I expect we'll continue to see quite a lot of it.

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