Blockchain forensics company Match Systems announced Saturday that it has recovered $68 million in stolen cryptocurrency.
This theft incident, which occurred on May 3, was called the ‘dust attack’. With the help of UAE-based Match Systems and cryptocurrency exchange Cryptex.net, the funds were returned to the victims.
Crypto Whale Loses $69.3 Million on WBTC
The incident, reported by crypto.news earlier this month, began when a cryptocurrency whale fell victim to an “address poisoning” attack and had 1,155.28 WBTC brazenly stolen.
At the time, this was worth a whopping $69.3 million.
Initial attempts by the victim to contact the attackers were met with silence, even by extending a tempting 10% bounty offer, according to blockchain data.
However, when an unexpected incident occurred, the attacker began contacting the victim via Telegram on May 9, expressing his desire to contact her.
According to Match Systems CEO Andrei Kutin, victims sought the company’s expertise to track and recover their funds.
The travel route left by the perpetrators of the robbery led to a series of complex transactions. Stolen funds were reportedly moved between multiple addresses to obfuscate their origin.
But Match Systems’ investigators have proven themselves to be more than a match for their adversaries, meticulously tracking illicit asset flows and gradually tracking down perpetrators.
A puzzle remains
The company did not provide full details regarding the recovery of the stolen funds. Moreover, the attacker’s sudden change in stance from ignoring the victim’s attempts to communicate to actively seeking contact has raised interesting questions within the cryptocurrency community.
Match Systems reports that after a week of intense manhunt, the stolen funds were successfully recovered and returned to their rightful owners.
Despite a slight decline in value due to the attacker converting WBTC to Ether (ETH), the victim is said to have recovered all of his lost assets.
Victims urged to immediately report theft
Address poisoning, a deceptive technique that impersonates a legitimate wallet address, poses a serious threat to users’ financial security.
According to Match Systems, the earlier you are a victim of an incident, such as Address Poison Alert Experts, the more likely you are to recover your stolen funds.
The company estimates that if the victim reports the incident within one hour of the incident, the likelihood of recovering assets is up to 70%. If a case is reported within 4 hours, the probability of successful recovery drops to 60%. 50% if reported within the first 24 hours.
If you wait a month to report an incident, your chances of a successful outcome are even slimmer, at 20%.