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Raydium exploit transfers $2.7 million to crypto mixer Tornado Cash

Published on

January 19, 2023
Read Time:1 Minute, 49 Second

In an alert, blockchain safety agency CertiK reported that the Raydium protocol exploiter had despatched 1,774.5 Ether (ETH) to the mixer. The quantity is valued at round $2.7 million on the time of writing.

As safety groups from numerous exchanges proceed to fight hacker efforts, funds proceed to move to sanctioned cryptocurrency mixer Twister Money.

#CertiKSkynetAlert

We see ~1,774.5 ETH (~$2.7 million) being deposited @TornadoCash from the Raydium exploit 0xb98ac as marked on https://t.co/lb2v6r8c4s.

Keep alert! pic.twitter.com/JVqWAw9MVO

— CertiK Alert (@CertiKAlert) January 19, 2023

The assault on the Solana-based decentralized finance (DeFi) protocol occurred again on December sixteenth. In line with the builders, the hackers took management of the alternate proprietor's account and drained the liquidity supplier's funds which consisted of varied digital belongings reminiscent of USD Coin (USDC), Wrapped Solana (wSOL) and Raydium.

After the preliminary investigation, the DeFi protocol decided that the exploit was resulting from a vulnerability within the decentralized alternate’s sensible contracts. This allowed admins to withdraw liquidity swimming pools as charges.

As a result of losses, the Raydium workforce additionally proposed a plan to compensate victims of the hacks by utilizing the decentralized autonomous group's treasury to buy lacking tokens and compensate these affected by the exploit.

In a report revealed on Jan. 9, blockchain analytics agency Chainalysis identified that whereas twister money sanctions have had some influence on the mixer, no group can "pull the plug" in comparison with centralized companies. Whereas the web site might be shut down, the sensible contracts can run indefinitely, highlighting that anybody can proceed utilizing them at any time.

Associated: Balancer warns some LPs to take away liquidity ASAP resulting from a "associated challenge".

Whereas hackers proceed to actively transfer cash, it would not all the time find yourself in revenue for them. Just lately, centralized crypto exchanges Binance and Huobi have been capable of detect and freeze funds deposited by the Concord One hackers. Binance CEO Changpeng Zhao reported that their safety workforce labored with Huobi to get better 121 Bitcoin (BTC) from the hackers, which was valued at $2.5 million on the time.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 19, 2023
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