Read on Twitter
Looks like the KuCoin hacker started using Uniswap to swap from shitcoins to ETH. Started with OCEAN. AFAIK this is the first time Uniswap is used following a hack
Steps:
1. From 0xeb....c23 to 0x1c...814 to 0x9e...E6b
2. 0x9e...E6b now slowly dumping OCEAN to ETH in 9 tx's https://twitter.com/UnderTheBreach/status/1310125971664666624
Steps:
1. From 0xeb....c23 to 0x1c...814 to 0x9e...E6b
2. 0x9e...E6b now slowly dumping OCEAN to ETH in 9 tx's https://twitter.com/UnderTheBreach/status/1310125971664666624
All Uniswap transactions so far can be found here: https://etherscan.io/address/0x9e9d9fd65edd1f9ad0d7e86d7dcfe6da0de2ae6b#tokentxns
This will likely start crashing the price of most of the shitcoins the hacker holds. Be careful
This will likely start crashing the price of most of the shitcoins the hacker holds. Be careful
The hacker is doing the same from this address as well. Dumping in 10k OCEAN batches https://etherscan.io/address/0xeab52681bb22684ad1b831b00319dd342ec43554#tokentxns
These are the ERC-20 tokens hacker has now sorted by USD value. Watching these closely as they can be next if Uniswap has liquid markets for some of them. Market participants might also front run then hacker and start dumping themselves. Some interesting dynamics playing out
The hacker appeared to have stopped selling 20 minutes ago. He still has 90k OCEAN in one wallet. I think it's because the liquidity quickly dried up. In order to dump another 90k OCEAN on Uniswap, the price impact is 30%+. Might be smarter to wait until next dump
Watch this wallet closely if you want to see if he starts dumping some other shitcoin next. I don't really see why he'd stop at OCEAN https://etherscan.io/address/0xeb31973e0febf3e3d7058234a5ebbae1ab4b8c23#tokentxns
Also if you think this is laundering, it's not. He's getting ETH for shitcoins and the ETH will be tainted just as the shitcoin was prior to the swap. Laundering starts when Tornado or some shady OTC desk is involved. Confusing the two is not smart
That being said, a high profile incident like this could bring Uniswap into regulators' spotlight. Especially if the swapping continues. Let's see
Never mind, he just started swapping again. The dump continues
OCEAN liquidity providers will wake up very confused. That's for sure. Impermanent loss caused by an exchange hacker. Poetic
I think the smartest move the hacker might do is to find the most liquid futures market of the shitcoins he holds, go leverage short and dump the fuck out of everything he owns on Uniswap. Might still be connectable though, who knows
OCEAN "only" down 10% in the last 2 hours. Not that bad yet
The OCEAN contract has now been paused. https://twitter.com/oceanprotocol/status/1310154282575028227
The hacker is now dumping Synthetix 
https://etherscan.io/address/0xaea0926fcb9a83745e9710d6e8ce26c1da7a0ab1#tokentxns
https://etherscan.io/address/0xaea0926fcb9a83745e9710d6e8ce26c1da7a0ab1#tokentxns
And now another $1.2 million SNX transferred to this address. Uniswap dumping might start there soon https://etherscan.io/tx/0xb2fdd14961be6d71a96c6c830f47b2e9c125d60f61a00817f53a95563b509921
Another 20k SNX already dumped in the last 10 minutes. Larger dump incoming, another 40k ready there to be sold imminently. If you LP SNX on Uniswap, co sider pulling liquidity until the dust settles https://etherscan.io/address/0xaea0926fcb9a83745e9710d6e8ce26c1da7a0ab1#tokentxns
More than 100k SNX has been sold on Uniswap already. The hacker still holds 470k SNX in his wallets. If he keeps selling, this is nowhere close to over.
And another 40k batch being dumped now. This will keep going on, I see no reason for the hacker to stop until there is liquidity. https://etherscan.io/address/0xef71dad06266eeaa7b1ef6fd56a65c4cf53bad4a#tokentxns
Hacker just finished dumping the last batch and already sending 130k SNX more to sell. No intention to stop
After a long break, the hacker is now selling another 200k SNX on Uniswap
And we have a new development. Hacker now started dumping COMP on not only Uniswap but also Kyber
And now LINK being dumped on Kyber
