Yes, and then they circle it back to Bitcoin
Every single hacker hops multiple chains and consolidates everything to Bitcoin
Most just leave it sitting there for years. Those looking to cash out, go to monero before Bitcoin. If it's a very significant amount, shitcoins don't have liquidity to cash out. Stablecoins do but can be frozen, like tether did couple of weeks ago.
Alt chains are compromised pretty much daily. North Korea loves how unsecure turing complete "defi" chains are. Due to this, they've even stopped targeting centralised exchanges.
“Finding security flaws in brittle DeFi “smart contracts” seems like shooting fish in a barrel.”
https://securityboulevard.com/2022/10/3-billion-defi-hacks-richixbw/
https://decrypt.co/86503/defi-users-lost-billion-theft-fraud-2021-mostly-ethereum-report
I’d be very curious to see studies or reports about that. 🤔 I don’t disagree in theory & am not familiar with hackers, my pre-bitcoin background is related to very specific Middle Eastern communities & sex workers. 🧐
I've seen the pattern with everyone from petty rugpulls, smart contract exploits to Ronin hacker, Do Kwon and the FTX "hacker"
Not sure if anyone has done a study, definitely a task for a talented journalist like yourself 😉
https://cointelegraph.com/news/ftx-funds-on-the-move-as-thief-converts-thousands-of-eth-into-bitcoin
