- Details of the Fund Transfer to Tornado Cash
- Continued Use of Tornado Cash Despite Sanctions
- Impact on Cryptocurrency Market Security
Three hackers transferred a total of 17,800 Ethereum, worth approximately $43 million, to Tornado Cash. These transactions are linked to recent significant hacking incidents and underscore persistent security problems in the cryptocurrency world.
Details of the Fund Transfer to Tornado Cash
According to data from Lookonchain, the largest transfer was made by the hacker Penpiexyz, who transferred 9,600 Ethereum worth $23 million. The next significant transfer was made by the WazirX hacker, totaling $17.3 million and consisting of 7,200 Ethereum. Additionally, the hacker who stole $42 million from Fenbushi Capital founder Bo Shen transferred approximately $2.4 million, or 1,000 Ethereum, to Tornado Cash.
Continued Use of Tornado Cash Despite Sanctions
Tornado Cash was added to the sanctions list by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) in August 2022 due to its frequent use by hackers for laundering stolen funds. Despite the sanctions, this mixer continues to be used by criminals, complicating efforts to recover stolen assets.
Impact on Cryptocurrency Market Security
These incidents highlight the ongoing vulnerability of the cryptocurrency world to sophisticated hacking attacks and the continued use of privacy-focused tools like Tornado Cash by hackers. Regulators and exchanges are still grappling with security issues, and states may introduce new measures to mitigate such risks in the crypto sector.
In light of these events, it's clear there is a lack of robust security measures capable of effectively addressing the threats posed by hackers within the cryptocurrency ecosystem. The situation warrants close monitoring and potentially additional actions from regulators to ensure a safer environment for cryptocurrency users.
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