stolen funds

Beijing procuratorial authorities have penetrated and cracked down on the money laundering paths of virtual currency, recovering over 89 million yuan in stolen funds

ChainCatcher news, according to the Workers' Daily report, the Beijing People's Procuratorate has released the work situation of the "Procuratorial Protection for Enterprises" special action and published typical cases. In a case of embezzlement, the defendant defrauded the company of over 140 million yuan, and the procuratorial authorities tracked the virtual currency to recover losses.Between 2020 and 2021, Feng, taking advantage of his position at a certain technology company's service provider and regional operations growth department, conspired with Tang and Yang to defraud the company of service provider bonuses totaling over 140 million yuan. Subsequently, Feng directed Tang and Yang to use eight overseas virtual currency trading platforms to convert the involved funds from yuan to virtual currency, obfuscating the source and nature of the funds through overseas "mixing" platforms, and transferring them in multiple layers. Part of the involved funds flowed into accounts controlled by Feng and others in yuan form, while some were concealed by Feng and others in virtual currency form.In response to the defendants' distribution of profits using virtual currency and the obfuscation of fund flows through overseas "mixing" platforms, the procuratorial authorities conducted a line-by-line comparison and two-way review of virtual currency and legal tender, accurately identifying the flow of funds. This ultimately prompted Feng to return 92 bitcoins, recovering over 89 million yuan in illicit gains, maximizing the economic losses recovered for the victimized unit.On September 14, 2024, the Beijing First Intermediate People's Court issued a judgment, sentencing defendant Feng and seven others for embezzlement, with prison terms ranging from 14 years and 6 months to 3 years, along with corresponding fines. The judgment has taken effect.

Radiant Capital published a review of the theft process, stating that they will identify the attackers and recover the stolen funds as soon as possible

ChainCatcher news, Radiant Capital's official social media post reviewed that the protocol experienced a highly complex security vulnerability on the 16th, resulting in a loss of $50 million. The attacker exploited multiple developers' hardware wallets through highly advanced malware injection.During the intrusion, the front end of Safe Wallet (also known as Gnosis Safe) displayed legitimate transaction data, while the poisoned transactions were signed and executed in the background. This vulnerability occurred during a routine multi-signature emission adjustment process, which is conducted regularly to adapt to market conditions and utilization rates. DAO contributors strictly adhered to many industry standard operating procedures throughout the process. Each transaction was simulated on Tenderly to ensure accuracy and was individually reviewed by multiple developers at each signature stage. During these reviews, neither Tenderly nor the front-end checks in Safe showed any anomalies. To emphasize the importance of this, it was completely undetectable during the manual review of the Gnosis Safe UI and the Tenderly simulation of regular transactions, as confirmed by external security teams.Radiant Capital stated that it has been working closely with Seal911 and Hypernative and has implemented more robust multi-signature controls. The FBI and zeroShadow are fully aware of the violations and are actively working to freeze all stolen assets. The DAO is deeply disturbed by this attack and will continue to work tirelessly with relevant agencies to identify the attackers and recover the stolen funds as soon as possible.
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