Arbitrum

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<p>The post <a href="https://coinpedia.org/news/kyberswap-hack-4-5m-of-stolen-assets-directed-to-tornado-cash-for-laundering/">Kyberswap Hacker Launders $4.5 Million Through Tornado Cash; Now What?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a surprising turn, the brain behind the <a href="https://coinpedia.org/news/kyber-swap-liquidity-pools-drained-hackers-loot-over-47-million/">Kyberswap exploit</a> has taken a bold step into the world of money laundering. Shockingly, reports suggest that a significant $4.5 million in stolen assets is now flowing through Tornado Cash, a well-known haven for privacy enthusiasts.</p> 
<p>As this unfolds, the crossing of illegal activities and decentralized anonymity highlights the urgent need for strong security measures and increased vigilance in the crypto landscape.</p> 
<h2 class="wp-block-heading" id="h-tracing-the-money-trail">Tracing the Money Trail </h2> 
<p>Peckshield, a blockchain security and analytics powerhouse, recently revealed the latest twist in this intriguing financial tale. The <a href="https://coinpedia.org/news/kyberswap-attempts-to-recover-losses-offers-10-bounty-following-50-million-hack/">hacker</a>, behind the audacious $50 million Kyberswap exploit, has kicked off a money laundering spree. Over 3,000 ETH (valued at $6.8 million in the current market) moved from Arbitrum to Ethereum. Subsequently, 2,000 ETH ($4.5 million) silently found its way to Tornado Cash through two separate 1,000 ETH transactions, carefully orchestrated by exploit-linked addresses.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw">#PeckShieldAlert</a> <a href="https://twitter.com/KyberNetwork?ref_src=twsrc%5Etfw">@KyberNetwork</a> Exploiter-labeled address has bridged 3K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> from <a href="https://twitter.com/hashtag/Arbitrum?src=hash&amp;ref_src=twsrc%5Etfw">#Arbitrum</a> to <a href="https://twitter.com/hashtag/Etheruem?src=hash&amp;ref_src=twsrc%5Etfw">#Etheruem</a> and transferred 1K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> to <a href="https://twitter.com/hashtag/Tornadocash?src=hash&amp;ref_src=twsrc%5Etfw">#Tornadocash</a> <a href="https://t.co/IABzPokwfI">pic.twitter.com/IABzPokwfI</a></p>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1731493974207312156?ref_src=twsrc%5Etfw">December 4, 2023</a>
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<p>Also Read: <a href="https://coinpedia.org/news/kyberswap-hacker-makes-a-bold-demand-return-stolen-funds-for-ultimate-control-over-the-company/">KyberSwap Hacker Makes a Bold Demand : Ultimate Control Over the Company</a></p> 
<h2 class="wp-block-heading" id="h-do-we-finally-know-the-criminal-s-identity">Do We Finally Know the Criminal’s Identity?</h2> 
<p>After the Kyber exploit, sharp-eyed DeFi enthusiasts noticed a surprising $2 million transfer from a Kyber exploit-linked wallet to one associated with Andean Medjedovic, the figure behind the Indexed Finance exploit. Though unconfirmed, chatter in public DeFi circles hints at a fascinating connection, suggesting Medjedovic’s potential role in the Kyberswap saga.</p> 
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   <p lang="en" dir="ltr">According to <a href="https://twitter.com/ArkhamIntel?ref_src=twsrc%5Etfw">@ArkhamIntel</a>, a hacker exploited KyberSwap across multiple chains last night for a total gain of $46.7 million. <br><br>They then sent $2 million to an address owned by the Indexed Finance hacker and last used more than 2 years ago.<a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Kyber?src=hash&amp;ref_src=twsrc%5Etfw">#Kyber</a> <a href="https://twitter.com/hashtag/kyberhack?src=hash&amp;ref_src=twsrc%5Etfw">#kyberhack</a> <a href="https://twitter.com/hashtag/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw">#CryptoNews</a></p>— STN (@ScytaleNews) <a href="https://twitter.com/ScytaleNews/status/1727666675808379300?ref_src=twsrc%5Etfw">November 23, 2023</a>
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<p>Adding intrigue to the unfolding drama, the hacker issued a bombshell demand—surrender all Kyber company assets (on-chain and off-chain), including shares, equity, and tokens, by December 10. Failure to comply would void the proposed treaty. The hacker also <a href="https://coinpedia.org/news/kyberswap-50m-exploit-saga-hacker-expresses-discontent-over-teams-response/">warned</a> against any intervention by agents in Kyber trades, threatening immediate dissolution of the treaty.</p>  
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<h2 class="wp-block-heading" id="h-tornado-crash-haven-for-the-guilty"><strong>Tornado Crash – Haven for the Guilty</strong></h2> 
<p>Tornado Cash emerges as a preferred escape route for crypto wrongdoers, providing a discreet channel to launder ill-gotten gains. The protocol’s commitment to privacy, achieved through innovative mixing mechanisms, allows shady actors to hide the origin and destination of funds efficiently. In the decentralized and trustless realm of Tornado Cash, transactions seamlessly blend, making it the go-to choice for those aiming to anonymize their misbegotten wealth.</p> 
<p>Related: <a href="https://coinpedia.org/news/novembers-heist-how-cybercriminals-snatched-363-million-from-crypto/">Here’s How Cybercriminals Hijacked $363 Million from Crypto This November</a></p> 
<p>As the exploits continue to persist and hackers exploit the advantages offered by platforms like Tornado Cash, while the users await Dec 10,&nbsp; it becomes increasingly necessary for the cryptocurrency platforms to collaborate on implementing robust security measures.&nbsp;</p>

Kyberswap Hacker Launders $4.5 Million Through Tornado Cash; Now What?

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