Eterbase Hack - Exit Scam?
June 1, 2021 - Zero Friction performed an investigation of the Slovakian-based Eterbase where approximately $5.4M was taken in combination of ETH, BTC and a variety of alt-coins.
Based on the review of the event and subsequent transfers and liquidation the analyst concluded that:
Most of the stolen funds has been liquidated.
Eterbase’s analysis of the event contains inconsistent information.
Likelihood for recovery or user compensation is improbable.
Between September 8 to September 9, 2020, ETERBASE, a Bratislava-based cryptocurrency exchange, experienced a security breach where its hot wallets were compromised and the funds were moved into addresses controlled by hackers. The aggregated amount of the lost fund was approximately $5.4M across virtual assets consisting of Ethereum, several ERC20 assets, Tezos, Algorand, Ripple, Cosmos, Bitcoin, Bitcoin Cash, Bitcoin SV, Litecoin and Tron.
The exchange worked with law enforcement authorities and other exchanges where the funds were moved to in hope of recovering some of the funds. The exchange entered maintenance mode on September 9, 2020 and has remained in the same state ever since.
Zero Friction attempted to perform a postmortem analysis of the event to determine to what extent has the funds been liquidated, and attempted to identify holding addresses from the event.
The following key information was provided by ETERBASE to serve as starting point for the analysis:
The scope of this analysis is limited to the funds that were taken by the original hackers. The analysis was performed by Tuan Phan from Zero Friction LLC using the Breadcrumbs Investigation Tool.
The completed report can be downloaded from the Investigation Report link below.
Zero Friction provides the expertise to assist organizations and individuals with the following blockchain forensic services:
Conduct comprehensive wallet and related transaction analysis. Establish relationships across transactions and wallets. Where possible, deanonymize the senders and recipients. Assist with reporting and walkthrough of analysis for law enforcement and tax authority.
Identify and monitor holding addresses through the blockchain in order to catch and recover stolen funds.
Prove to tax authorities and law enforcement that you are a victim of a hack and your funds are no longer in your control.
Defense individuals against accidental blacklisting of addresses, legal or exchange freeze of funds, or wrongful accusation of theft.
Locate exchanges where funds may have been sent but forgotten.
Recover lost wallet seeds and private keys.
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