A hacker who stole the Tornado Cash Governance token, TORN, has used the obfuscation protocol to transfer the stolen funds. According to PeckShield, the blockchain security and data analytics company.
PeckShield reported the hacker deposited $6,000 TORN to Bitrue, a cryptocurrency exchange based in Singapore and available to users across the globe. The Tornado Cash exploiter swapped about 380,000 TORN for ETH and transferred 372 ETH into Tornado Cash.
The Tornado Cash exploit depicts the proverbial situation of using one’s weapon to fight against them. A responder on Twitter who replied to PeckShield’s report likened the development to the US war in Afghanistan that ended with the Taliban returning to power. The responder said,
Tornado Cash is an open-source decentralized crypto tumbler that runs on protocols compatible with the Ethereum Virtual Machine (EVM). It works as a coin mixer that leverages smart contracts to facilitate ETH deposits and multiple withdrawals.
Tornado Cash suffered a governance attack, with the attackers taking control of the protocol and granting themselves 1.2 million votes through a malicious proposal. As a result, the protocol’s native cryptocurrency, TORN, lost over 35% of its value in less than 24 hours. Binance, one of the world’s largest crypto exchanges, has suspended TORN deposits, citing precautionary measures.
However, Huobi and Poloniex, two of the world’s renowned cryptocurrency exchanges, announced that TRON deposits and withdrawals remain active on their platforms. They also claim to be monitoring the situation closely and will not hesitate to adjust their policies as required to ensure customers’ security.
The post Hackers Used Adopt Tornado Cash’s Protocol in Platform’s Exploit appeared first on Coin Edition.
See original on CoinEdition
Source: Cryptocurrency - investing.com
