ZachXBT Ties Suspected $2.84 Million BNB Chain Theft to SquidSquad

Blockchain investigator ZachXBT linked a suspected $2.84 million theft from an unnamed institution on BNB Chain to SquidSquad, a group he described as associated with North Korea. ZachXBT put the suspected loss at about $2.84 million and dated the attack to Oct. 8. He posted the tracing on Oct. 21.

His transaction tracing says 1,111.2 Ether (ETH) was deposited into Tornado Cash on Oct. 20, then withdrawn to three addresses. The funds crossed from Ethereum to Tron through USDT0 and were consolidated in two addresses.

ZachXBT said both receiving addresses had funding links to wallets previously attributed to North Korea. Funds then passed through intermediary addresses to Chinese over-the-counter (OTC) traders within minutes. He assessed that the route may have been intended to lower the risk of a Tether freeze.

The suspected loss unfolded on BNB Chain, while the later transfers spanned Ethereum and Tron. Those transfers came 12 days after the suspected Oct. 8 theft.