DAO hacker exchanges ETC against Bitcoin

Let us remember in June, when a hack from Ethereum’s most famous project, the DAO, could get rid of a lot of money by taking advantage of a security gap. The hack had a huge impact on the Ethereum ecosystem – there were weeks of debates that ultimately led to a schism within the scene. The fate of the stolen funds was, of course, also a topic of public interest. In September the hacker began to set the funds in motion.

According to a recent analysis by Bok Consulting, some of the funds have now arrived at at least one big exchange. Bok Khoo, one of the heads behind Bok Consulting has been tracking the theft for several weeks now. He has seen that the hacker split the large sum on Wednesday in portions of 2.333ETC. The goal was to circumvent the restriction of ShapeShift. He next used the ShapeShift API to convert the funds into bitcoin in an automated action and send it to his Bitcoin address. According to Khoo’s investigations, this is the first attempt of the hacker to convert the money from the digital currency into Fiat.

The balance on the above bitcoin address corresponds only to a small part of the diebesgut: more than 3.5 million ETC are still here. However, Khoos work may soon be worthwhile. Even though hitherto the footage of the thieves was publicly visible, this transparency can be lost forever if the hacker continues to shift funds between different blockchains. In the context, Khoo suspects that the hacker has transformed the funds in Bitcoin, in order to maintain his anonymity better.

Even though these developments are certainly positive for the DAO hacker, these news will be less relevant to the general blockchain development. The developers of Ethereum continue to change the blockchain in favor of DAO tokenholders. On the Money2020, Vitalik Buterin said that the developer ‘s intervention had not changed anything about the “immutability” of the Ethereum Blockchain – which is the argument of the Ethereum Classic trailer.

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