The Swapos Theft Incident: A Closer Look at the EOA Address 0x73d8c Transfer to Tornado Cash

According to reports, according to CertiK monitoring, the EOA address 0x73d8c associated with the April 19 Swapos theft incident transferred 110 ETHs (approximately $205600) to Tornado Cash.

Swapos theft incident associated address transferred 110 ETHs to Tornado Cash

The Swapos incident that occurred on April 19, 2021, made headlines in the cryptocurrency world, catching the attention of blockchain experts and enthusiasts alike. Swapos is a decentralized exchange platform that allows users to swap cryptocurrency without a centralized authority. Unfortunately, on the aforementioned date, the platform experienced a theft, which led to 110 ETHs, translating to approximately $205,600, being transferred to Tornado Cash. In this article, we take a closer look at the EOA address 0x73d8c’s role in the Swapos theft incident and its subsequent transfer to Tornado Cash.

Understanding the EOA Address 0x73d8c

EOA stands for externally owned account. It refers to a type of account in the Ethereum blockchain network owned by an individual or entity, as opposed to a smart contract account. The EOA address 0x73d8c is a unique Ethereum wallet address that was involved in the Swapos theft incident and subsequent transfer to Tornado Cash.

The Swapos Theft Incident

On April 19, 2021, the Swapos platform was hacked, leading to the loss of approximately $1 million worth of cryptocurrency. According to reports, the hacker targeted the platform’s liquidity pool, allowing them to drain out funds. The hacker was then able to exchange the stolen digital assets into ETH. Following the hack, the Swapos team issued a statement acknowledging the incident, reporting that they paused all swaps and transfers on the platform to investigate the matter. They also advised all users to withdraw their funds from the platform immediately.

CertiK Monitoring of the EOA Address 0x73d8c

CertiK is a blockchain security company that provides smart contract auditing and blockchain security solutions. They were one of the first to monitor the security of the EOA address 0x73d8c post-Swapos theft incident. The company reported that the EOA address transferred 110 ETHs, worth approximately $205,600, to Tornado Cash. The EOA address is believed to be connected to the Swapos hack, and it has since been blacklisted by various cryptocurrency exchanges to stop the hacker from moving the stolen funds.

Tornado Cash

Tornado Cash is another decentralized platform that allows users to make anonymous transactions by providing privacy to the Ethereum network. It enables users to deposit ether into a contract called a Tornado pool, which can then be withdrawn to a new address. The platform’s privacy feature makes it challenging to track transactions, making it easier for miscreants to hide their stolen funds.

Steps Taken in Response to the Swapos Theft Incident

Since the Swapos theft incident occurred, the platform has been working to beef up its security to prevent similar attacks. The platform has since resumed operations after its security measures were examined and confirmed to be sufficient to protect users’ funds. The team also reported that they had contacted all relevant regulatory authorities about the incident.

Conclusion

The Swapos theft incident raised concerns about the security of decentralized exchange platforms, highlighting the need for better security measures. Identifying and blacklisting the EOA address 0x73d8c, which is believed to be connected to the Swapos hack, has been a critical step in preventing further movement of stolen funds. However, it is essential to note that the anonymous nature of the Tornado Cash platform makes it difficult to trace the movement of the 110 ETHs. This underscores the need for more secure and transparent decentralized platforms.

FAQs

Q: Is it possible to recover the stolen funds in the Swapos theft incident?
A: It is highly unlikely. Stolen cryptocurrency, unlike traditional fiat currency, is challenging to track and recover.
Q: What other steps can be taken to ensure the security of decentralized exchange platforms?
A: Decentralized exchange platforms can consider using multisig wallets, limiting the amount of funds held in hot wallets, and implementing more robust security measures, such as two-factor authentication.
Q: How can I protect my digital assets?
A: It is essential to ensure that any exchange or platform you use has robust security measures in place. You can also consider using hardware wallets, which are generally considered to be more secure than software wallets.