Euler Finance Hackers Transfer Stolen Funds to Tornado Cash

03/13/2023 11:08 • Blockchain Briefs • 82 views

It is reported that according to PeckShield monitoring, Euler Finance attackers have begun to transfer stolen funds to Tornado Cash, and at least 100 Ethereum have been transferred through the address beginning with 0xc66d.

Euler Finance attackers have begun to transfer stolen funds to Tornado Cash

Analysis based on this information:

A recent report by PeckShield monitoring has revealed that hackers who attacked Euler Finance have started transferring stolen funds to Tornado Cash. The report disclosed that at least 100 Ethereum has already been transferred through the address beginning with 0xc66d.

This development underscores the vulnerability of decentralized finance (DeFi) platforms to hackers, who are relentless in their quest for quick and easy money. The attack on Euler Finance, which is one of the newest DeFi projects, further highlights the need for better security measures in the emerging market.

Euler Finance is a DeFi platform that provides its users with a suite of financial products, including options trading and yield farming. However, the platform has experienced an exploit that allowed hackers to siphon funds. The extent of the damage done by the hackers is yet to be fully ascertained, but the transfer of stolen funds to Tornado Cash suggests that the attackers are moving to cover their tracks.

Tornado Cash is a privacy-preserving platform that allows users to send and receive anonymous transactions on the Ethereum blockchain. The platform uses a sophisticated mixing technique to create uncertainty about the origin and destination of funds, thereby making it difficult for anyone to trace the flow of funds. While Tornado Cash is a useful tool for preserving privacy, it also provides a haven for hackers and money launderers, making it a target for regulatory scrutiny.

In conclusion, the recent transfer of stolen funds from Euler Finance to Tornado Cash is a warning sign to the DeFi community. The incident highlights the need for better security measures to protect DeFi platforms from hackers. While the innovative nature of DeFi creates a fertile ground for new financial products and services, it also makes it attractive to criminals who seek to exploit weaknesses. This incident should remind us that we need to be proactive in securing DeFi platforms and mitigating risks.

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Euler Finance Hackers Transfer Stolen Funds to Tornado Cash

Euler Finance attackers have begun to transfer stolen funds to Tornado Cash

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