Cryptocurrency Attack: The Story of ARB Token Theft

On March 31, PeckShield monitoring showed that nine hours ago, an attacker with an address beginning with 0xbd4E stole 93.3375 ARBs, exchanged them for 713 ETHs (approximately $1.27 million), and then transferred them across the chain to Ethereum. The attacker’s address starting with 0xB209 steals 105000 ARBs and transfers them to the 0xC4cf address and 0xB209 address. On March 24th, the 0xbd4E address and the 0x7afd address stole 7250 ARBs, valued at about $10000 at the time.

PeckShield: About $1.27 million ARB was stolen from 0xbd4E address 9 hours ago

Introduction

On March 31, PeckShield monitoring showed that an attacker had carried out a cryptocurrency attack that resulted in the theft of ARBs worth approximately $1.27 million. The attacker used a combination of tactics to steal the tokens and make high gains on exchanges. This article will discuss the attack in detail, including its modus operandi, the tokens stolen, and the entire process of exchange.

Modus Operandi of the Attack

The attack commenced on March 24, when an unknown hacker stole 7250 ARBs, valued at about $10000 at the time, from 0xbd4E and 0x7afd addresses. The same attacker went ahead to steal more ARBs on March 31, from an address beginning with 0xbd4E. This time, the attacker went all-in by stealing 93.3375 ARBs, valued at about $1.27 million. The attacker then exchanged these tokens for 713 ETHs before transferring them across the chain to Ethereum.
In another twist, the attacker’s address starting with 0xB209 steals 105000 ARBs and transfers them to the 0xC4cf address and 0xB209 address. This move gave the attacker more liquid funds to use in their nefarious activities.

Tokens Stolen in the Attack

The ARB token is typically traded on the Ethereum blockchain and is used to provide user-specific solutions in the banking and payment industry. It is a utility token that helps streamline payment and transaction processes within the industry. Unfortunately, the token has also become a prime target for attackers looking to exploit its relative newness.
In this particular case, the attacker was able to steal a significant number of ARBs, with a total estimated value of about $1.27 million. The attacker was also able to exchange the stolen tokens for Ethereum, which seemed to give them a quick profit.

Process of Exchange

The attacker’s process of exchange involved stealing ARBs and then exchanging them for Ethereum on an exchange platform. The attacker’s address beginning with 0xbd4E executed the first heist, stealing 93.3375 ARBs and exchanging them for 713 ETHs. The attacker’s second move involved acquiring more ARBs by stealing 105000 tokens and transferring them to two different addresses.
The move to exchange ARB tokens for Ethereum could have been a bid to take advantage of the price difference between the two tokens. Market behavior like this one is common in the crypto industry, and attackers often look for opportunities to profit off it.

Conclusion

The theft of ARBs tokens worth $1.27 million is a grave incident in the cryptocurrency industry. It shows that attackers are finding new and inventive ways to steal cryptocurrencies without being detected. PeckShield’s monitoring of the chain has been a critical contribution in uncovering these illegal activities.
Meanwhile, users of ARB tokens should keep an eye on their accounts and report any suspicious activities to the relevant authorities. The hacker’s identity is still unknown, which makes it challenging to recover the stolen assets. Therefore, it is high time to strengthen the security protocols around cryptocurrency exchanges and traders.

FAQs

1. Is the ARB token an ERC-20 token?
– Yes, the ARB token is an ERC-20 token and is traded on the Ethereum blockchain.

2. What is the worth of the total ARBs stolen in the attack?
– The total worth of the ARBs stolen in the attack is estimated at around $1.27 million.

3. Can the stolen tokens be recovered?
– The identity of the hacker is still unknown, which makes it challenging to recover the stolen assets.