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Larry Cermak Profile picture
@lawmaster
Sep 27, 2020 • 23 tweets • 7 min read • Read on X
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
All Uniswap transactions so far can be found here: etherscan.io/address/0x9e9d…

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 etherscan.io/address/0xeab5…
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 etherscan.io/address/0xeb31…
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.
The hacker is now dumping Synthetix 🚨 🚨 etherscan.io/address/0xaea0…
And more etherscan.io/address/0xef71…
And now another $1.2 million SNX transferred to this address. Uniswap dumping might start there soon etherscan.io/tx/0xb2fdd1496…
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 etherscan.io/address/0xaea0…
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. etherscan.io/address/0xef71…
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

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More from @lawmaster

Larry Cermak Profile picture
Mar 31, 2023
Some personal news after a much-needed Twitter hiatus. Today, I'm stepping into the CEO role at The Block. I’m also excited that @EvgenyGaevoy is joining the board, and together with the team, we'll work to strengthen our position following a challenging year.
Almost 5yrs ago, after months of @mdudas relentless recruiting, I joined The Block during the last bear market. Very few cared about crypto then. My goal was to build the best crypto research team and to establish The Block as a go-to firm helping institutions navigate crypto.
We were lean, scrappy, and really wanted to win. Everyone was doing whatever was needed and loved doing it. As the bull market came, we saw tremendous growth. After Tesla announced their BTC buys, the research business exploded as institutional interest increased exponentially.
Read 6 tweets
Larry Cermak Profile picture
Nov 10, 2022
The withdrawals from FTX seem really weird. Some of them actually go to Binance deposit addresses, and some of them appear to be fresh wallets which could indicate a consolidation. Some pretty large (100k+) processing as well
This Binance deposit wallet for example received $400k already. So could be preferential withdrawals etherscan.io/address/0xc2fa…
Etherscan barely working as literally everyone is watching and trying to play long/short FTT based on it LMAO
Read 7 tweets
Larry Cermak Profile picture
Nov 7, 2022
For the sake of transparency, I'm releasing my entire database of all wallets labeled as Alameda.

1. Total on-chain balance decreased by $230M in the last month (47% decrease)

2. Most of the funds were deposited to FTX and Genesis
Always important to caveat that on-chain data (on Ethereum only) will never provide a full picture of what's going on. There are a lot of off-chain holdings and it's also theoretically possible Alameda is just creating new wallets so it's not as easy to track by idiots like me
Link to the sheet here: docs.google.com/spreadsheets/d…
Read 5 tweets
Larry Cermak Profile picture
Aug 23, 2022
0xb1 is completely full of shit. He claims 0x8cc, which washed Celsius funds through Tornado, is not his wallet but:

1. He accidentally swapped dust ETH to FODL

2. He tried to Sybil Ukraine Crypto Donation with 0.1 ETH from all his addresses around the same time
Accidental FODL swap

etherscan.io/tx/0x16cf625fd… Image
Three sybil transactions trying to get the Ukraine airdrop at the same time

1. etherscan.io/tx/0xf7965b62d…

2. etherscan.io/tx/0xa8aefb3a5…

3. etherscan.io/tx/0x8fb2b0895… ImageImageImage
Read 6 tweets
Larry Cermak Profile picture
Jun 13, 2022
In the interest of transparency, I am releasing my database of all wallets that I believe belong to Celsius.

Currently, there is still roughly $1.5billion sitting on them.

Also please keep in mind that on-chain labeling is not an exact science. I could have made some mistakes
Please keep in mind that there could be mistakes. The list might not be complete and I could have possibly mislabeled some over the years of tracking them. If you want the full list in Excel format, please respond under this tweet and I will DM a link.
Alright too many requests, link is here: docs.google.com/spreadsheets/d…
Read 4 tweets
Larry Cermak Profile picture
May 16, 2022
Really difficult to be in the “failed experiment but at least they tried” camp when there is still no info about hundreds of millions of BTC in the reserve. Twitter accounts look like they have been taken over by lawyers. CT really should put more pressure into getting info ASAP
In all the documents Terra used to raise, the reserves were collected specifically for defending the peg, not to serve as a treasury in case the peg failed. Really fucking absurd it’s been days and nothing.
Read 4 tweets

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