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Match Systems Recovers $68 Million in Stolen Crypto
Blockchain forensics firm Match Systems announced the recovery of $68 million in stolen cryptocurrency on Saturday.
The theft, which occurred on May 3, involved a “dust” attack. The funds were returned to the victim thanks to the collaboration between UAE-based Match Systems and cryptocurrency exchange Cryptex.net.
Crypto Whale Loses $69.3 Million in WBTC
Earlier this month, a crypto whale was reported by crypto.news to have fallen victim to an “address poisoning” attack, resulting in the theft of 1,155.28 WBTC, valued at $69.3 million at the time.
Initial attempts by the victim to contact the attacker, including a 10% bounty offer, were ignored. However, on May 9, the attacker unexpectedly reached out via Telegram.
Match Systems Steps In
Match Systems CEO Andrei Kutin stated that the victim enlisted the company’s help to track and recover the stolen funds. The team traced a series of complex transactions, following the trail of the stolen assets as they moved between multiple addresses in an attempt to obscure their origins.
Despite the sophisticated efforts to cover their tracks, Match Systems’ investigators were able to track the illicit flow of assets and ultimately recover the funds.
Recovery Details Remain Sparse
While Match Systems successfully retrieved and returned the stolen funds, the company did not disclose full details of the recovery operation. The sudden change in the attacker’s behavior, from ignoring the victim to initiating contact, has raised questions within the crypto community.
The victim regained their stolen assets despite some depreciation due to the attacker converting WBTC to Ether (ETH).
Importance of Prompt Reporting
Address poisoning, which involves mimicking legitimate wallet addresses, is a significant threat to crypto users. Match Systems emphasizes the importance of promptly reporting such incidents to increase the chances of recovery.
The company estimates a 70% chance of recovering assets if reported within the first hour, dropping to 60% if reported within four hours, and 50% within the first 24 hours. If a month passes before reporting, the success rate drops to 20%.
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