Millions of XRP were stolen as a result of the attack on Atomic Wallet. They are currently traveling between exchanges, where hackers are attempting to liquidate the captured funds. As a result, the price of XRP is clearly suffering.
Circulation of stolen XRP
The consequences of the spectacular hack of Atomic Wallet continue to ripple as millions of stolen XRP tokens return, flowing through major cryptocurrency exchanges. The event, which took place in early June, left a trail of consternation when the popular and hot cryptocurrency wallet fell prey to cyberattacks allegedly orchestrated by the North Korean-based, notorious Lazarus group.
In recent days, a team of experts from Xrplorer – a reputable provider of cryptocurrency intelligence services – managed to track down some of the stolen tokens as they moved between different platforms. Their efforts revealed the hackers’ ongoing movements and inspired efforts to recover the stolen funds.
The anti-crime team shared their findings on social media, revealing that the hackers used extensive money laundering tactics. They created new accounts to avoid blacklists. By doing so, they tried to cover their tracks and get rid of the stolen XRP tokens. The flow of funds became apparent when millions of tokens flooded exchanges, with significant amounts going to platforms such as KuCoin, Binance, WhiteBIT, OKX and Huobi.
The fight for justice continues
As the drama unfolded, the Xrplorer team provided further updates on the location of the stolen XRP tokens. It is reported that an additional two million tokens are still on the move as hackers move between different exchanges, looking for new opportunities to unload the stolen funds. Research indicates that MEXC may be a viable conduit for more transactions, as a smaller increase in XRP was recently observed on this platform.
With some 18 million XRP tokens unaccounted for, the hunt is on. The goal, of course, is to bring the hackers to justice. It’s hard to know what path the stolen tokens will take, but the XRP community is united in efforts to stop the robbers and restore order to the cryptocurrency world.
XRP on the chart
Recent increases in the price of Bitcoin have also caused movement among altcoins. Unfortunately, the same cannot be said for XRP. The price of the coin is currently oscillating around $0.49 and seems to be consolidating before moving further. However, it is accompanied by a bullish RSI and MACD divergence gaining positive momentum. These indicators may herald upcoming increases.