Uranium Finance Hackers Transfer Stolen Funds to Tornado Cash

03/07/2023 01:14 • Tech Trends • 92 views

It is reported that, according to Paidun monitoring, after 647 days, Uranium Finance hackers transferred 2250 ETH (about $3.35 million) stolen funds to Tornado Cash today. The stolen funds seem to have been retained in the form of USDT for about 650 days.

Paidun: Uranium Finance hackers transferred about $3.35 million of ETH to Tornado Cash

Analysis based on this information:

According to a report from Paidun monitoring, it has been revealed that after 647 days; Uranium Finance hackers have transferred about $3.35 million worth of stolen funds in the form of ETH to Tornado Cash. This is a remarkable and concerning event as it highlights the increasing trend of crypto-related crimes and poses a threat to the security of the crypto space.

It is crucial to understand the background of this event to fully understand its implications. Uranium Finance is a decentralized finance (DeFi) protocol built on the Binance Smart Chain (BSC) that supports users to create and manage yield farming pools. The Uranium Finance platform was hacked in April 2021, and the hackers reportedly gained access to more than $50 million worth of cryptocurrencies.

The hackers have been holding onto the stolen funds in the form of USDT for about 650 days. It is unclear why the stolen funds were retained in the form of USDT and not immediately cashed out. Perhaps, it was to make it harder to trace the funds or to wait for a market opportunity to cash out.

Tornado Cash, on the other hand, is an Ethereum-based privacy-oriented decentralized application (dApp) that allows users to make anonymous transactions. Its anonymity feature makes it harder for law enforcement and regulatory authorities to track the flow of funds, which could be used for nefarious purposes.

This event raises concerns over the legality of Tornado Cash, as it enables a high degree of financial privacy and could be used for money laundering or other illicit activities. It also highlights the need for increased regulatory measures and anti-money laundering policies in the crypto space. While the crypto space offers numerous benefits, it can be exploited by bad actors who seek to use its anonymity and decentralization to their advantage.

In conclusion, the transfer of stolen funds from Uranium Finance to Tornado Cash reflects the increasing trend of crypto-related crimes and poses a major risk to the security of the crypto space. It highlights the importance of establishing strict regulations and policies to prevent such illegal activities and provide protection for users. It is vital for market participants to stay vigilant and take necessary precautions to safeguard their digital assets.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/03/07/uranium-finance-hackers-transfer-stolen-funds-to-tornado-cash/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Uranium Finance Hackers Transfer Stolen Funds to Tornado Cash

Paidun: Uranium Finance hackers transferred about $3.35 million of ETH to Tornado Cash

Recommended articles