23 April, 2024

SlowMist’s On-Chain Investigation Helps Nano Labs Exec Recover Stolen Funds

30 Sep, 2023

01 Dec, 2023

  • Nano Labs’ founder has lauded blockchain security firm SlowMist for investigating a recent crypto hack. 
  • Apart from SlowMist, the executive received support from BitMart Exchange, Binance, Tether, and imToken. 
  • The perpetrators reportedly fled Thailand to China but were subsequently apprehended by law enforcement. 

Jack Kong, the founder of China-based chip design firm Nano Labs, recently reported that the investigation into a recent crypto theft had concluded. The perpetrators responsible for the theft were reportedly apprehended by law enforcement agencies, along with the exploited funds. Kong received help from leading crypto players including crypto giant Binance

Blockchain security firm SlowMist took to X (formerly Twitter) earlier today to share the latest update on the matter:

According to SlowMist, its security team conducted an analysis and provided technical support upon learning about the theft. The blockchain security firm collaborated with the emergency response team that was overseeing the matter in order to investigate and determine the identity of the perpetrators. 

Speaking on the investigation process, SlowMist stated:

From tracing suspects based on relevant on-chain and off-chain traces to apprehending the criminal suspect who had fled to Thailand and returning the stolen funds, the collective efforts of all parties led to a happy ending for this case.

According to Kong, the theft pertained to one of the projects that his firm had invested in. Following an investigation by Chinese law enforcement agencies and other international organizations, the perpetrator was identified and subsequently nabbed. The suspect reportedly fled China and reached Thailand in a bid to avoid prosecution. However, the efforts of law enforcement agencies led to the perpetrator’s detention within 48 hours. 

The suspect and the proceeds of the theft were subsequently returned to Kong. According to the Nano Labs executive, the nabbed individual would face legal action in China. The Chinese Police were reportedly tracing the perpetrator’s movement, while crypto firms kept an eye on their on-chain activities. Kong told his followers on X that his firm received help from SlowMist, Binance co-founder Yi He, Tether CTO Paolo Ardoino, BitMart CEO Sheldon, and crypto wallet imToken. 



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