A victim of a cryptocurrency hack involving 90 Ether (ETH) has managed to take significant steps towards recovering their stolen funds. With the help of local law enforcement and cyber authorities, the victim, known by their Twitter handle @l3yum, successfully got the attacker’s Tether (USDT) address blacklisted. This action could potentially lead to the restitution of a substantial portion of the stolen funds.

The hack took place on March 16, leaving @l3yum’s hot wallet compromised after the hacker gained access to their seed phrase. The attack resulted in the theft of numerous Yuga Labs-related NFTs, along with crypto assets and NFTs from smaller projects. These pilfered assets were swiftly exchanged or sold by the assailant.

In an insightful thread posted on August 11, @l3yum shared the breakthrough with their followers, stating, “Today after working with the police and cyber team in my country, I was able to get the stolen funds sitting in USDT frozen and blacklisted.” The cooperative efforts of the involved parties, including the dedicated police officer who took on the unique challenge despite limited initial knowledge of cryptocurrencies, were lauded by the victim.

While the stolen funds were predominantly locked up in USDT, it’s worth noting that the total value held in the attacker’s blacklisted wallet, $107,306, falls short of the victim’s total loss of approximately $166,000 at the time of writing. This discrepancy highlights the reality that the victim may not fully recover the entire sum that was stolen.

Nevertheless, a glimmer of hope shines through, as previous instances have shown that Tether, the issuer of USDT, has taken steps to make victims whole in similar situations. Typically, when a USDT address is blacklisted under circumstances like these, Tether has chosen to burn the blacklisted tokens and re-issue an equivalent amount of the asset to the original owner. This practice has contributed to maintaining confidence in the integrity of the USDT stablecoin.

Source: https://azcoinnews.com/victim-of-90-ether-hack-takes-swift-action-attackers-usdt-address-blacklisted-for-possible-fund-recovery.html