ZachXBT said that an institution was allegedly robbed of approximately by SquidSquad 2840000 USD, with the related funds subsequently transferred through mixing, cross-chain transfers, and over-the-counter channels.
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ZachXBT: An institution was allegedly robbed by the North Korea-linked group SquidSquad 2840000 USD
PANews October 21 According to reports, on-chain investigator ZachXBT wrote that an institution was allegedly October 8 on BNB Smart Chain (BSC) was robbed of approximately by the North Korea-linked group SquidSquad 2840000 USD. According to his tracking, the attackers October 20 transferred 1,111.2 tokens of ETH into Tornado Cash, then withdrew them to addresses, before using USDT0 to bridge the funds from Ethereum to TRON, consolidating them into addresses. These consolidation addresses all had fund links to addresses previously attributed to North Korea. The funds then flowed through intermediary addresses to a Chinese over-the-counter trader (OTC), within minutes. ZachXBT believes this may have been intended to evade a potential Tether freeze of the funds.
PANews reported on October 21 that on-chain investigator ZachXBT disclosed the incident in a post.
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ZachXBT said that an institution was allegedly October 8 on BNB Smart Chain (BSC) robbed of approximately by the North Korea-linked group SquidSquad 2840000 USD。
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According to ZachXBT's tracking, the attackers October 20 transferred 1,111.2 tokens of ETH into Tornado Cash, then withdrew them to addresses.
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The report said that the funds subsequently passed through USDT0 from Ethereum to TRON via a cross-chain bridge and were consolidated into addresses.
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ZachXBT said that the consolidation addresses had fund links to addresses previously attributed to North Korea, and that the funds subsequently flowed through intermediary addresses to a Chinese over-the-counter trader (OTC）。
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ZachXBT believes that the funds may have flowed to an over-the-counter trader to evade a potential Tether freeze.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This is an on-chain security incident investigation that has not yet been independently confirmed. ZachXBT said that allegedly stolen funds passed through Tornado Cash, multiple addresses, and cross-chain routes before ultimately flowing to an over-the-counter trader; the attacker's identity, North Korea connection, and purpose of the transfers are all based on his tracking or assessment.
Why it matters to readers
The report involves an alleged theft of approximately 2840000 USD, as well as multi-stage fund transfers involving mixing, cross-chain transfers, and over-the-counter trading, indicating that the funds involved may be difficult to trace or freeze.
Beginners should treat such news as a security-risk alert rather than a concluded investigation; when using on-chain services, they should pay close attention to wallet permissions, address verification, and asset security.
Risks and unknowns
The identity of the victim institution has not been disclosed, and the institution has not confirmed the incident or the amount of losses.
SquidSquad's connection to North Korea and the attribution of the related addresses have not been independently confirmed.
The original text does not provide the relevant addresses or transaction hashes, so the fund flow cannot be verified based on this evidence alone.
Whether the funds ultimately entered a Chinese over-the-counter trader has not been independently confirmed.
Related Developments
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Evading a Tether freeze is only ZachXBT's speculation; the original text does not state that Tether has taken freezing measures.
Related concepts
BNB Smart Chain (BSC）
This term is not in the glossary yet. Browse related concepts in the glossary.
