Peckshield confirmed that Paxos reclaimed $20 Million worth of Paxos Gold, which was stolen by a hacker.
Paxos Gold (PAXG) is a real Gold-pegged coin. Paxos is a back-end company that maintains Gold reserves behind PAXG. The current trade value of PAXG is $1805 and this price is 3.7% high than the last 30 days’ trade price.
Just after a bankruptcy filing by the FTX exchange, the FTX platform reportedly went through an attack where hacker(s) drained $400 million worth of Crypto funds from the exchange.
On 12 Nov, the Paxos team confirmed that they froze the wallet, in which the hacker was holding the stolen Paxos Gold funds.
“Paxos froze 11,184.38 PAXG tokens valued at roughly $19 million. These tokens were previously on the FTX.com platform and had moved to unknown wallet addresses over the prior 24 hours, “The Paxos team stated.
On 23 Dec, Crypto analytic platform Peckshield noted that the Paxos team successfully burned the PAXG tokens, which were stolen by the hacker, and further minted & transferred to a new address.
Initially, hacker(s) stole approximately $400 million worth of funds from the reserves of the FTX exchange. Investigators noted that the hacker converted $302 million worth of ETH into BTC, which is now unrecoverable.
John Ray III, the current CEO of FTX, disclosed via testimony that private keys of the crypto wallets were stored poorly without any proper safety measures, which was like a beneficial fact for the hacker to get success to hack the FTX reserve wallet.