Ronin bridge attackers who fled with $625 million move funds to Bitcoin

• The attackers behind the $625 million hack on the Ronin bridge have moved their funds to the Bitcoin network. 
• BliteZero, an investigator, tracked the journey of stolen funds deposited to ChipMixer, Blender to the Bitcoin network.
• Bitcoin price will take the lows at $20,694 and $19,141 according to top analyst and trader Pentoshi. 

Investigators have been tracking stolen funds from the Ronin bridge hack, through their journey from mixers to the Bitcoin network. An investigator presented his analysis to the crypto community, revealing the location of the stolen funds. 

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Ronin bridge funds have been tracked to the Bitcoin network

BliteZero tracked the funds from the $625 million Ronin attack to the Bitcoin network. According to a 2022 Mid-Year Blockchain Security and AML Analysis Report, a vast majority of the Ronin hacks funds have been deposited to Tornado Cash. Tornado Cash was sanctioned by the US Treasury for national security reasons. Ethereum from the hack was deposited to Huobi, FTX and Crypto.com. 

The trail doesn’t end at exchange deposits. The US Treasury sanctioned Bitcoin mixer Blender for its association with Ronin hackers. Since most Blender sanction addresses are deposit addresses used by Ronin hackers, exchange withdrawals were made to these wallets. 

$20.72 million was withdrawn from exchanges, consistent with sanctioned releases by the treasury that mention “over $20.5 million.” From Tornado Cash, hackers moved funds using 1inch and Uniswap to renBTC. This is the point where funds were bridged over to the Bitcoin network. 

Ronin hack funds moved around