Crypto trader Frogman says two wallets drained of about $4M during TOKEN2049
In brief
- Frogman said two of his wallets were compromised while he attended TOKEN2049 in Singapore.
- Approximately $4 million in digital assets was taken, per Crypto Briefing.
- On-chain analyst EmberCN flagged suspicious transactions about five hours before Frogman confirmed the breach.
- Stolen funds were converted mostly into ETH, BNB and SOL, then routed through privacy tools.
- Frogman said he doesn't know how the breach happened.
Two wallets, one conference
Frogman had traveled to Singapore for TOKEN2049. While he was there, two of his wallets were drained of approximately $4 million in digital assets, according to his own post on X as reported by Crypto Briefing.
He wasn't the first to flag it, though.
On-chain analyst EmberCN, also known as Yu Jin, spotted suspicious transactions about five hours before Frogman publicly confirmed the breach. According to EmberCN's tracking (as relayed by Crypto Briefing), the attacker moved, sold and converted the stolen assets mostly into ETH, BNB and SOL. From there, the funds passed through privacy-focused tools, including Privacy Cash and Chainflip.
Nine tokens, three big losses
The stolen portfolio spanned nine tokens. That's nine positions hit at once, but the losses weren't evenly spread: three of them made up the bulk of it, based on EmberCN's breakdown, and every dollar figure below is an estimate.
The largest hit came from 1.43 million BP tokens, valued at approximately $1.77 million. Next was 13.96 million MarsCoin, worth around $1.55 million. Roughly 3.7 million Cash Cat tokens rounded out the top three at an estimated $510,000 to $515,000, so those three positions alone account for most of the reported total.
No immediate price impact from the theft was reported.
Cause still unknown
So how did the attacker get in? Frogman said he doesn't know how the breach happened, and the reporting so far doesn't offer a confirmed explanation.
Here's what's on the record: two compromised wallets, roughly $4 million gone, and a trail that ran through ETH, BNB and SOL before it hit privacy tools. The entry point isn't.
In his post, Frogman thanked the people helping with the investigation. He said he'd share more updates as they become available.
