A major cybersecurity breach has resurfaced as a hacker initiated the laundering of Ethereum (ETH) funds stolen from Parity's multi-signature wallet, Cyvers Alerts reports.
Hacker Started Laundering Stolen Ethereum Funds from Parity's Multi-Signature Wallet
Polkadot's parent company, Parity, fell victim to a security vulnerability in 2017 that resulted in the theft of 150,000 ETH.
Today, the hacker initiated the laundering process by transferring 3,050 ETH through the eXch platform, a move worth approximately $9 million.
This development underscores the ongoing repercussions of cybersecurity breaches across the cryptocurrency ecosystem as stolen funds are actively laundered through various channels.
Despite the launch of laundering activities, the hacker still retains control over a significant portion of the stolen funds, with the remaining balance being 83,017 ETH.
At current market rates, this amount equates to a staggering $246.6 million and highlights the significant financial impact of the breach on Parity and its related projects.
As hackers continue to exploit weaknesses in digital infrastructure, the need for proactive risk mitigation strategies for companies operating in the cryptocurrency space is becoming increasingly evident.
*This is not investment advice.