Email from the hacker: $50 million USDT theft case, $1 million refund negotiation in progress

On-chain researcher Specter has made headlines with shocking news revealed on a cryptocurrency platform last month. Regarding the incident where $50 million worth of USDT was stolen, a email from the victim to the hacker has been made public, and the negotiation details are shaking up the industry.

The scale of damage revealed through phishing attacks

This incident was caused by a sophisticated phishing attack. The attacker used unauthorized access methods to successfully steal a large sum of funds, including 50 million USDT. According to PANews, the incident was immediately reported to authorities and classified as a major criminal case.

An official message from the wallet address stated that criminal proceedings have already been formally initiated, and investigations are underway through cooperation between law enforcement agencies, multiple cybersecurity firms, and blockchain protocols.

Multi-faceted tracking by law enforcement and security companies

The response from authorities was swift and comprehensive. The victim’s wallet address is now under 24/7 surveillance. Through messages from the hacker, a system has been established to centrally manage the attacker’s behavior patterns, fund flows, and other critical information.

Multiple blockchain protocols are also participating in the investigation, cooperating to trace and freeze the stolen funds. This significantly limits the attacker’s escape routes.

White hat bounty with a 48-hour deadline offered

The victim side presented very specific conditions to the attacker. They demanded that 98% of the stolen assets be returned to a designated address within 48 hours. At first glance, this seems like a strict requirement, but the reward is highly attractive.

A $1 million white hat bounty has been secured for vulnerability reporters. This indicates the victim’s intention to create a “reconciliation path” in negotiations with the attacker. However, there is one major premise for this offer — the attacker must provide “full and prompt cooperation.”

Final decision upon successful negotiation

If the attacker accepts the conditions and returns the funds within the deadline, the victim has stated that the case will be considered resolved, and no further pursuit actions will be taken. In other words, responding to the hacker’s message could potentially reduce legal liabilities to some extent.

This approach to negotiation is attracting attention as a new model in the crypto industry. It emphasizes resolution through refunds and compensation rather than solely strict criminal punishment, which could also lead to an overall improvement in security awareness across the industry.