Crypto Scam Traces: Millions in Funds Moving Between Blockchains

Specter investigators have identified suspicious fund movements with a characteristic fraud pattern: approximately $7 million moving from multiple addresses on the TRON network to Ethereum, according to ChainCatcher reports.

The Journey of Profile Funds

On-chain activity analysis reveals that these profile funds presumably originate from fraudulent investment schemes, specifically from operations known as ‘pig-butchering.’ This type of scam is characterized by gaining victims’ trust before requesting investments in cryptocurrencies that later disappear.

Of the total detected volume, $3.1 million was deposited into Tornado Cash, a cryptocurrency mixing tool that makes transaction tracing difficult. This movement suggests an attempt to obfuscate the origin and final destination of these resources.

Cross-Chain Transfer Pattern

The transit of these profile funds from TRON to Ethereum, along with their subsequent fragmentation across multiple services, points to a deliberate dispersal strategy. Analysts have determined that the behavior of these transactions matches previously documented patterns in large-scale investment scams.

The investigation is ongoing to identify the final points of these funds and their possible connections to known fraud networks.