As a seasoned crypto investor with a decade-long journey through this volatile yet exciting landscape, I can’t help but feel a mix of frustration and resignation upon hearing about the latest Nomad Bridge hack funds being laundered via Tornado Cash. It seems like history is repeating itself, with similar incidents causing ripples in the market and testing the resilience of our collective faith in the system.
It came as a shock when around $35.2 million (from the Nomad Bridge hack) was moved to Tornado Cash. In a sequence of transactions, each equivalent to 100 ETH, the hacker successfully transferred about 14,500 ether into a crypto tumbler.
According to PeckShield’s findings, it appears that the thieves behind the heist have transferred the stolen digital currency to Tornado Cash, a service designed to hide the source of the funds. This transaction suggests that the criminals may be attempting to clean their ill-gotten gains, possibly with the ultimate goal of cashing out the pilfered assets.
Following a comparable transaction on August 5th, which saw a 20% drop in the price of Ether, approximately 16,892 Ethers associated with the Nomad Bridge incident were acquired using Ether during that period.
In August 2022, an exploit called the Nomad Bridge occurred, leading to a loss of approximately $190 million. This unfortunate event was caused by a flawed software update that made it possible for anyone to empty the bridge’s funds. Although some responsible hackers managed to return around $22 million of the stolen assets, this incident remains one of the significant hacks within the cryptocurrency industry.
As a researcher delving into the world of cryptocurrencies, I’ve been tracking the case of Tornado Cash – an open-source, non-custodial platform designed for mixing digital assets. This tool has attracted regulatory attention due to its alleged function in veiling the origins of funds.
Furthermore, ether’s price has dropped by 3.21% today, suggesting larger changes in the market.
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2024-08-08 19:01