Skip to main content

Lendhub protocol exploiters spotted shifting $3.85M into Tornado Cash

Despite the sanctions on the crypto mixing service, the bad actors behind January's biggest exploit have deposited millions worth of funds into Tornado Cash.

The suspected actors behind the $6 million exploit of decentralized finance (DeFi) lending protocol Lendhub have just sent more than half of their ill-gotten gains from January into sanctioned crypto mixer Tornado Cash.

Blockchain security firms PeckShield and Beosin alerted their respective followers to the movement of funds on Feb. 27, noting that around 2,415 Ether (ETH) worth around $3.85 million was sent to Tornado Cash from a wallet connected to the Jan. 12 exploit.

PeckShield previously reported the LendHub exploit was the largest in January with $6 million pilfered from the protocol.

On-chain intelligence firm Beosin tweeted that the latest movement means a total of 3,515.4 ETH, currently worth over $5.7 million, has been sent to Tornado Cash by the exploiter since Jan. 13.

The recent moves by the exploiter wallet sent funds to Tornado Cash in batches of 100 ETH, then moved on to smaller deposits. Source: Etherscan

Tornado Cash is a crypto mixing service that attempts to anonymize Ethereum transactions by combining vast amounts of Ether prior to depositing sums to other addresses.

The service was sanctioned on Aug. 8, 2022, by the United States Office of Foreign Assets Control (OFAC) for its alleged role in the laundering of crime proceeds.

Despite the sanctions and the website for the service being taken down, Tornado Cash is still able to run and be used as it's a smart contract housed on a decentralized blockchain.

A January report by blockchain analytics firm Chainalysis said that hacks and scams once contributed to around 34% of all inflows to the mixer and were at times inflows reached around $25 million per day, but that dropped by 68% in the 30 days following the sanctions.

Related: ​​Crypto-related enforcement actions by US states rose sharply in 2022: Report

Bad actors in the space continue to frequent the service, recently the exploiter behind an Arbitrum-based DeFi project transferred over $1.86 million in ill-gotten cryptoto Tornado Cash on Feb. 20.

The notorious North Korean hacker outfit, Lazarus Group, often sends significant sums to mixers such as Tornado Cash and Sinbad.

An early February Chainalysis report claimed that exploited funds from North Korean hackers “move to mixers at a much higher rate than funds stolen by other individuals or groups.”



from https://ift.tt/iI0bhfn
https://ift.tt/cadKYEg
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

How to play and earn in CryptoKitties

CryptoKitties is a blockchain-based game where players can buy, sell and breed digital cats with unique attributes. Reminiscent of Tamagotchi and Pokémon, the wildly popular digital pets and creatures of the 1990s, CryptoKitties is a blockchain-based game where players can collect, trade and breed digital virtual cats. CryptoKitties was the first Ethereum-based game, and its popularity underscored many of the network’s scaling issues. This digital cat-breeding blockchain game caused quite a bit of congestion on the Ethereum blockchain, peaking in 2020. However, the game’s creators were able to address these issues. What is CryptoKitties? Launched in 2017, CryptoKitties was built by Dapper Labs, the company that uses blockchain technology to bring nonfungible tokens (NFTs) and new forms of digital engagement to fans around the world. CryptoKitties is also considered one of the world’s first-ever blockchain games. In the game, each one of the digital collectible cats possesses a
Post a Comment
Read more

Bitcoin dominance falls under 40%

While Bitcoin critics claim this means that BTC is losing its first-mover competitive advantage, others are anticipating the “altcoin season” is just around the corner, or might even be already underway. Bitcoin’s market dominance has continued to fall, bottoming out below 40% this week. That’s very close to the all-time low of 36.7% in Jan 2018 according to data from Tradingview. Bitcoin ( BTC ) market dominance refers to the ratio between BTC’s market cap and the total crypto market cap. It's not the first time dominance has dipped in 2021. Back in May, Cointelegraph reported that BTC had dipped to represent just 40.3% of the combined crypto asset capitalization, according to Coinmarketcap, and it neared the same level again in September.  Bitcoin critic and Europac chairman Peter Schiff tweeted about the event on Dec 29th, saying that it’s indicative that BTC is “losing its first-mover competitive advantage.” With over 16,000 alternative cryptos to choose from Bitcoin
Post a Comment
Read more

Five Bitcoin Price Charts Analyzing The Dramatic Q1 2022 Conclusion

There are only hours remaining until the Q1 2022 close in Bitcoin price action. With the important quarterly candle set to close tonight, let’s look at what technicals might say about the direction of the next quarter. Q1 2022 Comes To A Close For Bitcoin The first quarter of a year, often sets the tone for the year to come. In investments, a poor Q1 performance is indicative of a bad year ahead. Considering the fact that Bitcoin price is now above $45,000 after touching $32,000 this quarter, it is tough to say the performance has been “poor” by anything other than crypto standards. Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022 The cryptocurrency has recovered nearly 40% from the low, leaving a long wick behind. Such a long wick suggests that before the quarter came to a close, buyers stepped up in a major way. Buyers were able to step up in a larger capacity in Q1 2022 than bears were able to in the final quarter of last year. The bearish wick to cl
Post a Comment
Read more