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Tornado Cash Receives A Transfer of $1.5M

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Tornado Cash Receives A Transfer of $1.5M

In a surprising move, a wallet address related to the $190 million Nomad hack has transferred more than 1,200 Ether (ETH) worth approximately $1.5 million to the acclaimed cryptocurrency mixer Tornado Cash. Recently, CertiK, a blockchain security firm, issued an alert that a wallet address associated with the Nomad hack had moved 1,200 ETH into Tornado Cash.

The evidence signifies that the hackers were attempting to transfer the funds, sending 12 batches of 100 ETH from the wallet to the sanctioned mixing service. In 2022, the Nomad bridge theft was one of the top ten massive cryptocurrency hacks, leading to the loss of over $190 million in digital assets.

An alteration to the protocol during a regular update created a vulnerability, allowing cybercriminals to alter the code of prior transactions and transfer funds. After the initial attack, numerous other hackers took advantage of the vulnerability.

An unprecedented “crowd looting” of a nine-digit sum ensued, making it one of the most chaotic hacks of the Web3 era. According to reports, about 90% of these hackers were copycats who managed to steal around $88 million of digital assets.

Many attackers took part in the deed with vicious motives, yet some did so to give back the tokens. Thus, a project saw the chance to offer NFT bonuses to those who would give back the stolen funds to Nomad.

However, in recent times, Nomad has presented itself as a “security-first cross-chain messaging protocol” to solve the theft of billions of dollars from similar bridges. The Nomad group sent out a bridge relaunch guide on Dec. 8, addressing the susceptibility in the contract which caused the $190 million hack. Also, the team renovated the token bridge.

Why Move The Fund To Tornado Cash?

The transfer to Tornado Cash, a privacy-focused cryptocurrency mixer, was the first big move by the hackers to hide the stolen funds. By hauling the assets to Tornado Cash, the hackers could mix the stolen funds with other legitimate funds.

This move makes it much more difficult for investigators to trace the funds’ origins and track down the hackers. At the same time, moving funds to Tornado Cash shows that the cyberpunks are not trying to hide the assets.

Instead, they are likely to use the assets to purchase goods and services or move the funds to other wallets. Although the hackers were able to move a large sum of money, this does not mean that the money is lost forever.

Investigators are now looking into the possible relations between the hackers and the wallets used to accept the funds. Identifying the hackers and seizing their wallets could prompt the return of the stolen funds to their rightful owners.

As of now, it is unclear what the hackers are planning to do with the stolen funds. However, authorities have warned people to be wary of suspicious cryptocurrency transactions or wallets.


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Crypto News

BitPay Announces Partnership With MoonPay – Bitcoin Magazine

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Bitcoin And Artificial Intelligence Frees Your Time - Bitcoin Magazine


BitPay and MoonPay, leading bitcoin and cryptocurrency payments infrastructure providers, have partnered “to provide BitPay users with significantly increased ways to buy cryptocurrency instantly, and at great rates.”

“BitPay’s unique marketplace experience also presents multiple rates for buyers, ensuring they receive the best possible price for their cryptocurrency purchases,” the press release states. “Additional benefits of the integration include fast delivery to any owned wallet address, as well as the ability for buyers to pay with their preferred method, including credit card, debit card, Apple Pay, Google Pay or a variety of local bank transfer methods.”


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Why Real Regulatory Change In Crypto Has Not Happened

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Why Real Regulatory Change In Crypto Has Not Happened



Legislators need to educate themselves on Web3 if they care about protecting consumers, Steven Eisenhauer, chief risk and compliance officer at Ramp, writes.


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South Korea to deploy cryptocurrency tracking system in 2023

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South Korea to deploy cryptocurrency tracking system in 2023


The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.

The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.

While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. A rough translation of the ministry’s statement reads:

“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”

The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.

Related: South Korean prosecutors request arrest warrant for Bithumb owner: Report

The South Korean Supreme Court ruled that crypto exchange Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.

The finalized ruling from the supreme court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.

“The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service,” the court stated.


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