Million

Arkham

Tornado Cash

Axie Infinity

Tornado

<p><em><strong>A Poloniex hacker sent 11 batches of around 100 ETH to Tornado Cash, leading to a transfer of around 1,126 ETH in a period of two hours. Moreover, the wallet sent bitcoin worth $32 Million to an unlabeled wallet last week.</strong></em></p> 
<p>Poloniex was established in 2014 as a centralized exchange and Justin Sun, founder of Tron, acquired it in 2019. This acquisition has improved the reputation and security measures applicable to the exchange.</p> 
<h2 class="wp-block-heading" id="strong-details-of-the-hacking-subsequent-transfers-strong"><strong>Details Of The Hacking &amp; Subsequent Transfers</strong></h2> 
<p>A hacker was reported to have stolen $125 Million from Poloniex’s hot wallet in November 2023 and has transferred 1,100 ether to approved coin mixed Tornado Cash, as per the information from blockchain data.</p> 
<p>The ether were collectively valued approximately $3.3 Million and on tuesday, May 7, the hacker transferred to Tornado Cash, distributing over 100 ETH batches. These <a href="https://www.thecoinrepublic.com/2024/01/26/tesla-held-onto-its-bitcoin-btc-holdings-in-q4-2023/" target="_blank" rel="noreferrer noopener">holdings</a> have been sitting idle for 178 days, that is, from the time these tokens were hacked.</p> 
<p>In addition to this, on April 30, the Poloniex hacker sent 501 bitcoins (BTC) valued at $32 Million to an unlabelled wallet. However, the hacker still holds cryptocurrencies worth over $181 Million, even after the decrease of $897.36K, as per the data from Arkham.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
  <img loading="lazy" decoding="async" width="860" height="325" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-90.png" alt="" class="wp-image-204730" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-90.png 860w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-90-300x113.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-90-768x290.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-90-750x283.png 750w" sizes="(max-width: 860px) 100vw, 860px">
 </figure>
</div> 
<p class="has-text-align-center">Source: Arkham Intelligence</p> 
<h3 class="wp-block-heading" id="strong-understanding-tornado-cash-strong"><strong>Understanding Tornado Cash</strong></h3> 
<p>Tornado Cash is a protocol that enables users to increase the opaqueness of crypto tokens by mixing crypto tokens by mixing assets across several wallets for a longer period of time.&nbsp;</p> 
<p>It was approved by the U.S. Treasury Department in 2022, shortly after it was used by the North Korean hacking group Lazarus, which attempted to hide funds from the $625 Million Axie Infinity exploit.</p> 
<p>In March, Elliptic, a blockchain security firm, said that Lazarus Group used Tornado Cash to launder $12 Million from the Heco Bridge hack, which occurred shortly after the Poloniex hack.&nbsp;&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-poloniex-steps-to-safeguard-investors-strong"><strong>Poloniex Steps To Safeguard Investors</strong></h3> 
<p>As an unusual move, Poloniex offered the hacker a 5% bounty, amounting to around $5 Million, as an appeal to return the remaining 95% of the stolen funds. Nevertheless, this attempt to negotiate with the hacker turned out to be unsuccessful, as proved by the recent transfers of ETH to Tornado Cash.</p> 
<p>After the hack incident, the team hereby promised each Poloniex user that Poloniex maintains a healthy financial position and will fully reimburse the affected funds.</p> 
<p>The team has successfully identified and frozen a portion of the assets associated with the hacker’s addresses to avoid further losses. Currently, the losses are within manageable limits, and Poloniex’s operating revenue can cover these losses.</p> 
<p>After that, the team have restored Poloniex’s systems, reserving relevant evidence and in the coming days. They will gradually resume deposits and withdrawals on Poloniex, ensuring 100% security.&nbsp;</p>

Poloniex Hacker Transferred 1,126 Ether To Tornado Cash

Table of Contents

Thecoinrepublic.com

Other articles published on May 7, 2024

XRP Cryptocurrency Price Remains Above $0.52

Bitgert Coin Price to Soar +500% This Week, Say Crypto Market Experts

Hold Tight! Crypto Long-Term Believers Signal Bullish Future

New AI-Powered Crypto Trading Platform with High Upside Potential Raises Over $1 Million in Presale

Jupiter & Clone Boost Solana with Cross-Chain Trading

Render Price Prediction: Is RNDR primed for a massive surge?

Join our free newsletter for daily crypto updates!