SquidSquad Suspected in $2.84M BNB Chain Institutional Theft

An institutional cryptocurrency holder has reportedly lost approximately $2.84 million in an attack on BNB Chain that occurred on October 8, according to blockchain investigator ZachXBT. The identity of the affected institution and the exploit method remain undisclosed.

Fund Movements Through Tornado Cash

Following the theft, the attacker deposited 1,111.2 ETH into Tornado Cash on October 20. The privacy protocol withdrawals were sent to three separate Ethereum addresses and subsequently transferred to Tron using USDT0, a version of Tether's dollar-pegged stablecoin.

ZachXBT identified two Tron wallets that received the funds and exhibited transaction exposure to previously attributed North Korean addresses. Within minutes of consolidation, the assets passed through intermediary wallets before reaching addresses attributed to Chinese over-the-counter dealers, a move suspected to avoid potential freezing by Tether.

Key facts

• An institutional holder lost approximately $2.84 million in an October 8 attack on BNB Chain.
• Blockchain investigator ZachXBT attributed the suspected theft to North Korea-linked group SquidSquad on October 21.
• The attacker deposited 1,111.2 ETH into Tornado Cash on October 20 before routing funds through Tron to Chinese OTC dealers.
• Two Tron wallets involved in the transfers showed exposure to prior North Korean blockchain operations.