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Hackers move $43 million in Ethereum through Tornado Cash

Hackers move $43 million in Ethereum through Tornado Cash

GrafaGrafa2024/09/06 08:35
By:Isaac Francis

Three hackers have reportedly funneled approximately $43 million in Ethereum (CRYPTO:ETH) through Tornado Cash (CRYPTO:TORN) over the last three days. 

This major transfer of 17,800 ETH, linked to recent hacking incidents, has once again put the spotlight on the persistent vulnerabilities within the crypto sector. 

Data from on-chain analytics provider Lookonchain indicates that the largest of these transfers involved about 9,600 ETH, worth $23 million. 

The funds were moved by a hacker associated with Penpiexyz. 

Tornado Cash, a well-known crypto mixing service used to obscure transaction details and enhance privacy, is back in focus for its role in concealing stolen assets. 

Another significant transfer involved 7,200 ETH, approximately $17.3 million, sent by a hacker linked to the WazirX (CRYPTO:WRX) exchange. 

This transfer appears to be an effort to cover the tracks of funds stolen in a previous hack targeting WazirX. 

In a third major move, a hacker behind the $42 million theft from Fenbushi Capital’s founder, Bo Shen, deposited roughly 1,000 ETH, valued at $2.4 million, into Tornado Cash. 

Shen is a notable figure in the blockchain industry, making this particular case more prominent. 

Despite Tornado Cash being sanctioned by the U.S. government, it continues to serve as a tool for cybercriminals looking to launder stolen funds. 

The U.S. Treasury's Office of Foreign Assets Control (OFAC) blacklisted Tornado Cash in August 2022, making it illegal for American entities to engage with the service. 

However, the platform's continued use by hackers complicates efforts to recover stolen digital assets, as the mixing service makes it challenging for authorities to trace transactions.

At the time of reporting, the Ethereum (ETH) price was $2,377.69, while the Tornado Cash (TORN) price was $2.17.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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