Blockchain
Blockchain firm Match Systems saves $68 million from ‘dust attack’
Blockchain forensics company Match Systems announced The recovery of $68 million in stolen cryptocurrencies on Saturday.
The theft, which occurred on May 3, was dubbed a “powder attack.” The funds were returned to the victim courtesy of UAE-based Match Systems and cryptocurrency exchange Cryptex.net.
The crypto whale lost $69.3 million in WBTC
The saga, reported from crypto.news earlier this month, it started when a cryptowhale fell victim to a “deal with poisoning” which led to the brazen theft of 1,155.28 WBTC.
This equates to a staggering $69.3 million at the time.
Blockchain data shows that the victim’s initial attempts to establish contact with the attacker, including by extending an enticing 10% reward offer, were met with silence.
However, in an unexpected turn of events, the attacker initiated contact on May 9, expressing a desire to contact the victim via Telegram.
Source: Etherscan.io
According to Andrei Kutin, CEO of Match Systems, the victim sought his company’s expertise in tracking down and recovering the funds.
The trail of breadcrumbs left by the perpetrators of the robbery led to a series of complex transactions. The stolen funds reportedly bounce between various addresses to obfuscate their origins.
However, Match Systems investigators proved more than a match for their adversaries, meticulously tracking the illicit flow of assets and gradually closing in on the perpetrators.
The puzzle remains
The company did not provide full details regarding the recovery of the stolen funds. Furthermore, the abrupt change in the aggressor’s position, from ignoring the victim’s attempts at communication to becoming active looking for contact, has raised intriguing questions within the crypto community.
Match Systems only reported that, after an intense week-long search, it was able to recover the stolen funds and return them to their rightful owner.
Despite the slight depreciation, attributed to the conversion of WBTC to Ether (ET) by the attacker, the victim would have fully recovered his lost assets.
Victims are asked to promptly report the theft
Address poisoning, a deceptive ploy that mimics legitimate wallet addresses, poses a significant threat to users’ financial security.
According to Match Systems, the sooner accident victims turn to poison alert specialists, the better their chances of recovering the stolen funds.
The company estimates that the chances of asset recovery are as high as 70% if victims report incidents within the first hour. The chances of recovery drop to 60% if cases are reported within four hours; 50% if reported within the first 24 hours.
The chances of a positive outcome are even slimmer, 20%, if you wait a month to report the accident.