Poloniex Cryptocurrency Hacker Starts Depositing Stolen Cryptos to Tornado Cash

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Poloniex Cryptocurrency Hacker Starts Depositing Stolen Cryptos to Tornado Cash

A recent development is that the Poloniex scammers have begun unwinding the stolen funds into Tornado Cash, a well-known cryptocurrency mixing facility. This would be the first known situation of Tornado Cash’s functionality being used in the Tornado Cash mechanism after the hack. The digital asset thief sent 100 ETH worth almost $308,000, having done so could have been a chance for concealing the crypto-asset trail fabric.

Read Also: EthereumEIP-3074 aims to make wallet interaction more unproblematic

Poloniex Hacker Holds Significant Crypto Assets

Hackers remain crypto-rich even after this recent $1. 3 Million attempts, the hacker still has a massive $182 Million Crypto Swag. This resource could be at the bottom of a mountain, far out of the observation and reach of the investigators who are attempting to trace and restore the stolen assets. The fact that the washed assets kept equal value underscores the scale of the lost assets of Poloniex.

To the crypto community, this attack event underscores the wave of security issues faced by crypto exchanges. On top of all that it increases awareness concerning the intricacies associated with crypto assets tracing and dealing with cryptocurrency theft. From a law enforcement perspective, the prevalence of such mixers like Tornado Cash gets in the way of tracing the trails of the stolen funds that have been derived from cybercrimes, persists as a major concern as the adequacy of the regulation frameworks should be reconsidered.

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In a nutshell, nonetheless, those in the valley of the crypto community make sure they are awake. Hacker’s attitude poses more than a single aspect, as security protocols of exchanges outside the country could be compromised. Moreover, a similar outcome may be inverse to policy guidelines aiming at increasing safety and perfecting transparency of the cryptosystem.

Read Also: Ripple CTO David Schwartz Explains Stablecoin’s Delayed Launch.

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.