Euler Finance Hackers Transferring Funds to Tornado Cash
It is reported that according to PeckShield monitoring, Euler Finance attackers have begun to transfer stolen funds to Tornado Cash, and at least 100 Ethereum have been transferred through the address beginning with 0xc66d.
Euler Finance attackers have begun to transfer stolen funds to Tornado Cash
Analysis based on this information:
PeckShield, a leading blockchain security company, has reported that hackers responsible for the recent attack on Euler Finance have started to transfer stolen funds to Tornado Cash. Euler Finance, a decentralized finance (DeFi) platform, suffered a major hack on March 30, 2021, resulting in the theft of around $40 million worth of cryptocurrency. The hackers have been using various decentralized exchanges (DEXs) and mixing services to launder the stolen funds.
According to PeckShield’s monitoring, at least 100 Ethereum has been transferred through an address beginning with 0xc66d to Tornado Cash. Tornado Cash is a privacy-focused Ethereum mixer that allows users to send and receive Ether and other ERC-20 tokens anonymously. By using Tornado Cash, the hackers can mix the stolen funds with other users’ funds, making it difficult to trace the flow of money.
The use of mixers like Tornado Cash is not new to cryptocurrency hackers. Many of these mixers claim to provide complete anonymity to users and can be accessed through the Tor browser, making it almost impossible to identify the real location or identity of the users. In the case of the Euler Finance hack, the use of Tornado Cash is a clear indication that the hackers are serious about covering their tracks and avoiding detection.
The transfer of stolen funds to Tornado Cash also highlights the need for better security measures in the DeFi space. While DeFi platforms promise to offer more financial freedom to users, they also pose significant risks due to their decentralized nature. The lack of regulatory oversight and the complexity of smart contracts make DeFi platforms vulnerable to cyberattacks. The Euler Finance hack is just the latest in a series of high-profile DeFi hacks that have occurred in recent months.
In conclusion, the transfer of stolen funds from Euler Finance to Tornado Cash shows the increasing sophistication of cryptocurrency hackers and the need for better security measures in the DeFi space. As the DeFi sector continues to grow, we can expect more such attacks in the future, and it is essential for developers and security experts to work together to ensure the safety of users and their assets.
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