Simply put
- Zachxbt, known for exposing cryptocurrency scams, has yet to disclose specifics about the Coinbase hack.
- On-Chain Messages has linked to meme videos on YouTube featuring NBA legend James enjoying a cigar.
- Thus far, hackers have converted $42.5 million from Bitcoin to Ethereum via a method called Socaine.
The individual behind the significant theft from Coinbase users seems to be taunting the well-known on-chain investigator Zachxbt, using public Ethereum transactions to provoke him.
This was first brought to light by Zachxbt via notifications in a Telegram channel investigation.
ZachxBT has pinpointed the threat actors as the same group isolated in earlier data breaches impacting Coinbase users.
“L Bozo,” the hacker remarked on Wednesday night through Ethereum. This sentiment was conveyed using a blockchain messaging feature.
Accompanying the message was a link to a YouTube meme video showcasing the iconic cigar moment from James.
The hacker’s words seem aimed at portraying Zachxbt as incompetent, using “L” to signify “loser” or “loss.”
ZachxBT states that this transaction occurred after the actors transferred $42.5 million from Bitcoin into Ethereum utilizing the Thorchain swapping protocol.
Data from etherscan linked to the address “fake_phishing1158790” shows that an individual amount of 8,698 ETH (about $22.6 million) was transferred just an hour after the provocation aimed at ZachxBT.
These messages arrive as Coinbase publicly acknowledged that over the previous week, data breaches compromised at least 69,400 users. This breach, traced back to December last year, was revealed on May 11th of this year.
In light of the recent disclosures, the attackers have since sought a $20 million ransom in Bitcoin to prevent the release of further information.
Coinbase declined to pay the ransom, instead offering a similar sum as a reward for information leading to the capture of those responsible.
Decryption I reached out to Coinbase to discuss the implications of the hacker’s provocation towards Zachxbt.
The company is currently facing estimated losses ranging from $180 million to $400 million due to remedial measures and potential customer reimbursements.
Who is Zachxbt?
ZachxBT is recognized in the crypto sphere for publicizing cases of cryptocurrency fraud, hacking incidents, and various scams.
This year, Zachxbt encountered a lawsuit related to Honorary am loss but quickly received backing from the crypto community, amassing over $1 million in donations. Notable figures in the industry, such as Binance’s CEO Changpeng “CZ” Zhao and Tron’s founder Justin Sun, came to his aid.
Last year, using his pseudonym, Zachxbt found himself embroiled in discussions about anonymity within cryptocurrency. He was engaged by a research-oriented crypto investment firm, Paradigm, in February as an incident response advisor.
