Cryptocurrency detective ZachXBT has uncovered a massive hack, according to which the victim reportedly lost $238 million worth of Bitcoin (BTC).

The alarming news was first reported by ZachXBT, who reported that the victim lost 4,064 Bitcoins worth around $238 million in a suspicious transfer today.

Later, $238 million worth of BTC was suspiciously transferred to multiple platforms.

ZachXBT reported that 4,064 BTC was suspiciously transferred on X about eight hours ago, with the funds quickly moving to platforms like ThorChain, KuCoin, and Avalanche Bridge.

SlowMist founder Cos suggested that some of the funds may be linked to Genesis Global Trading, a venture capital firm.

Lookoncahin shared in his post that 642.4 BTC (worth $37.73 million) of the 4,064 Bitcoins were taken from the GenesisTrading Bankruptcy Distributions wallet on August 2, and 2,173 BTC (worth $127.6 million) were taken from GenesisTrading 2 years ago.

Is Lazarus Group Behind the Hack?

While the motive for the $238 million Bitcoin hack involving suspicious transfers remains unclear, the cryptocurrency community is questioning whether the Lazarus Group, a North Korean cybercrime organization known for high-profile crypto hacks, was also involved in the hack.

However, crypto detective ZachXBT rejected the speculation that Lazarus was involved, saying, “I don’t think so this time (behavior is a bit different).”

Seven hours ago a suspicious transfer was made from a potential victim for 4064 BTC ($238M)

Transaction hash
4b277ba298830ea538086114803b9487558bb093b5083e383e94db687fbe9090

Funds were quickly transferred to ThorChain, eXch, Kucoin, ChangeNow, Railgun, Avalanche Bridge.

— ZachXBT (@zachxbt) August 19, 2024