The post ZachXBT Reveals Details of $29 Million SUI Token Theft appeared on BitcoinEthereumNews.com.

A recent revelation by blockchain investigator ZachXBT has exposed the loss of $29 million worth of SUI tokens in December 2024. This alarming incident highlights the persistent risks facing the blockchain sector. Attackers Launder $29 Million Stolen SUI Tokens Using Tornado Cash On January 26, blockchain investigator ZachXBT disclosed details of the exploit, which targeted a major holder on the Sui network. The attacker reportedly siphoned off 6.27 million SUI tokens, valued at $29 million, on December 12. The stolen assets were transferred from Sui to Ethereum using bridging tools, then laundered through Tornado Cash in smaller portions to obscure the trail. Following the breach, the affected user quickly moved their .sui domain holdings to a secure wallet to prevent further losses. However, efforts to trace the stolen funds remain hindered by the limited analytics tools and tracking capabilities available on the Sui network. “The victim transferred their .sui domains to a new uncompromised address shortly after the theft. Current limitations with Sui block explorers and Sui analytics tools make the theft difficult to trace,” ZachXBT wrote. This case is part of a broader pattern of increasing exploits in the blockchain space. For example, Singapore-based exchange Phemex recently reported suspicious activity involving its hot wallets. The firm’s estimated losses surpass $37 million across assets like Bitcoin, Ethereum, and TRON. Market experts pointed out that such incidents underline the persistent risks facing both established and emerging blockchain ecosystems. The Sui blockchain, launched in 2023, has gained prominence as a Layer-1 network designed for decentralized applications. Its adoption of the Move programming language and support for parallel transaction processing have fueled its rapid growth. As of press time, Sui’s market capitalization had reached $12 billion, securing its position as the 16th largest cryptocurrency with over 50 million registered accounts. This rapid rise…

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Filed under: News - @ January 26, 2025 10:11 pm