Cryptocurrency Hackers Launder $4M Through Tornado Cash
According to blockchain security firm Pecksheild, cryptocurrency hackers have successfully laundered nearly $4 million through the popular cryptocurrency mixer Tornado Cash. These funds were originally stolen more than three months ago from decentralized finance protocol Unizen and Bahraini cryptocurrency exchange Rain.
On August 7, Pecksheild revealed that a wallet address linked to the Rain exchange hack transferred 1,155 ETH worth $2.9 million to Tornado Cash, marking the first movement of the stolen funds since the April 29 attack. The attacker proceeds to exchange the stolen funds for BTC and ETH, which were then split into two wallets containing a significant amount of cryptocurrency. As of now, the attacker still holds a substantial sum of ETH and BTC from the illicit activities.
Unizen Wallet Reactivation
Prior to Rain redeeming the stolen funds, another exploit involving the DeFi protocol Unizen occurred. An attacker moved 865.4 ETH, valued at approximately $2.16 million, into Tornado Cash. This incident was reported by Pecksheild, highlighting the movement of dormant funds that had been inactive since March 8.
The attack on March 8 involved an “approval issue” and resulted in the theft of $2.1 million in USDT, which was exchanged for DAI. Following a series of transactions, the stolen DAI was converted to Ethereum and transferred to Tornado Cash. Despite previous attempts by Unizen to address the breach, the situation continues to unfold.
Market Analysis and Outlook
As these events transpire, the cryptocurrency market experiences fluctuations, particularly with Bitcoin’s recent recovery from a six-month low. Analysts have varying opinions on the future direction of Bitcoin’s price.
Some analysts believe that Bitcoin may be primed for a significant rise, citing historical trends and technical indicators. The recent recovery from a low point has led to optimism among certain market observers, who anticipate continued upward momentum if key levels are maintained.
However, uncertainty remains in the market, with differing opinions on the trajectory of Bitcoin’s price. As the situation evolves, investors and analysts alike continue to monitor market movements and adjust their strategies accordingly.
Overall, the recent laundering of stolen funds through Tornado Cash sheds light on the ongoing challenges within the cryptocurrency space, highlighting the importance of security measures and vigilance in safeguarding digital assets.
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