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A hacker breached the crypto platform BC.Game and stole USDC stablecoins valued at approximately $4.377 million. However, instead of immediately withdrawing the funds, the perpetrator opted to engage in trading, resulting in the loss of a portion of the stolen assets, as reported by the affected platform.
The hacker accessed the stablecoins through a vulnerability in a third-party game, according to BC.Game representatives. The platform did not disclose the specific nature of the vulnerability or the name of the game, explaining that this could lead to further breaches.
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Approximately 1.7 million USDC were transferred to a wallet with the address 0xA5e4F8141Cb2759CeA58F28cF2d0AB21b98580cA. Subsequently, the owner of this address opened a significant short position on Ethereum with a high leverage of 15,457 ETH, estimated to be worth around $31 million. The wallet owner bet on a decline in ETH prices, but the quotes for the second-largest cryptocurrency by market capitalization increased. This resulted in a partial liquidation of the hacker-investor’s positions. Within 20 hours, the amount in the crypto wallet decreased to $171,000, with losses totaling approximately $1.53 million.
BC.Game has offered a reward of $500,000 for information that could help identify the hacker or recover the stolen assets. Blockchain researcher ZachXBT suggested that BC.Game check private messages for potential clues.
BC.Game is a gaming platform that supports over 100 cryptocurrencies.
Previously, cybersecurity experts from Google discovered a toolkit that fraudsters use to hack iPhones and steal seed phrases from cryptocurrency wallets.
