@owenray
🚨 The hacker who stole $36M from Upbit has started laundering the funds.
The Upbit hacker is currently using cross-chain bridges to batch-swap altcoins on Solana into USDC/USDT, then bridging the funds to Ethereum and converting them into ETH.
The heavy cross-chain activity created temporary price spreads on bridges, allowing up to ~3% arbitrage profit per transaction, which lasted for nearly 3 hours.
By providing liquidity on Allbridge (the bridge used by the hacker), LPs could also earn around 1–2% in 3 hours, with impermanent loss effectively near zero under these conditions.
I manually followed the trades for about 2 hours with $100,000, arbitraging between SOL ↔ ETH, and earned ~$3,000 from spreads + LP fees combined — very comfortable returns. I’m planning to add more LP tonight in case the hacker continues bridging.
Hacker’s ETH address:
https://etherscan.io/address/0xc9ba6effc4532a01b4559841edf6cbfef4e71ed3
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