iEarn Hacker Continues To Launder $11.6M Loot Through Tornado Cash

An older model of Yearn Finance protocol was hacked final month the place the hacker exploited the vulnerability for $11.6 million in stablecoins. In the newest transactions, the exploiter moved over 2000 ETH, price $3.6 million to Tornado Cash.

Blockchain analytics agency PeckShield reported that the exploiter is transferring funds to completely different addresses after which routing them to Tornado Cash. So far for the reason that hack, the hacker has practically laundered $9.3 million price of loot by means of layered transactions on Tornado Cash.

The hacker minted 1 quadrillion yUSDT

As reported earlier, PeckShield detected a hack that allowed the attacker to mint over 1 quadrillion Yearn Tether (yUSDT). Lanter, the hacker swapped these tokens for different stablecoins price $11.6 million. Exploiter transferred 1000 ETH to the sanctioned crypto mixer the identical day.

As per PeckShield, funds have been cut up into completely different addresses which can be then being transferred to the crypto mixer by means of layered transactions. One handle linked to the iearn exploiter transferred a complete of 4,134 ETH to the sanctioned crypto mixer.

Crypto hacks drop 70% since Tornado Cash ban

Blockchain intelligence agency TRM Labs reported that the trade noticed a dramatic drop within the variety of hacks within the first quarter of 2023 after the sanctions positioned on the crypto mixer Tornado Cash.

As per the report, hackers stole roughly $400 million from crypto tasks throughout 40 assaults, representing a 70% lower in cash stolen in comparison with the identical interval in 2022. The report highlighted the trade’s optimistic development to authorized actions towards hackers and final 12 months’s sanctions on Tornado Cash which made it “difficult to launder the proceeds” that led to the change.

Jai Pratap is a Crypto and Blockchain fanatic with over three years of working expertise with completely different main media homes. His present function at CoinGape contains creating high-impact internet tales, cowl breaking information, and write editorials. When not working, you may discover him studying Russian literature or watching some Swedish film.

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