Uranium Finance Hackers Transfer Stolen Funds to Tornado Cash

03/07/2023 01:14 • Daily Digest • 65 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

Interpretation of the news:

According to Paidun monitoring, it has been reported that after 647 days, hackers who stole funds from Uranium Finance transferred 2250 ETH, which is equivalent to $3.35 million, to Tornado Cash. Uranium Finance is a decentralized exchange platform that offers trading pairs for assets such as Ethereum, Bitcoin, and other tokens. The hack had taken place in April 2021 and resulted in a loss of approximately $50 million.

The fact that the hackers have retained the stolen funds in the form of USDT for about 650 days highlights their cunning and strategic thinking. USDT or Tether is a digital stablecoin that is pegged to the value of the US dollar. By holding the funds in USDT, the hackers were able to avoid market volatility and ensure that the value of the stolen funds remained constant. This would have allowed them to transfer the funds to another platform such as Tornado Cash with minimal loss of value.

Tornado Cash is an Ethereum mixing service that provides privacy and anonymity to its users. By transferring the stolen funds to Tornado Cash, it is highly likely that the hackers are attempting to cover their tracks and make it difficult for authorities to track the movement of the stolen funds. Additionally, Tornado Cash is known for its high level of security and anonymity, making it an ideal platform for individuals who want to hide their digital footprint.

The transfer of stolen funds to Tornado Cash is concerning as it highlights the need for increased security measures in the cryptocurrency industry. While blockchain technology is designed to provide transparency and decentralization, it is important to remember that it is not infallible. Hackers and other malicious actors can exploit vulnerabilities and loopholes to steal funds and wreak havoc on the market.

In conclusion, the transfer of stolen funds from Uranium Finance to Tornado Cash highlights the need for increased security measures in the cryptocurrency industry. The retention of the stolen funds in the form of USDT for 650 days and the transfer to a platform known for its anonymity and privacy is a concerning development. It is imperative that organizations and individuals take active steps to protect their digital assets and prevent malicious attacks from occurring.

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Uranium Finance Hackers Transfer Stolen Funds to Tornado Cash

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

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