Euler Finance Attackers Shift Stolen Funds to Tornado Cash

03/13/2023 11:08 • Metaverse Matters • 134 views

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:

According to recent reports, hackers who orchestrated the attack on Euler Finance, a decentralized finance (DeFi) platform, have begun transferring the stolen funds to Tornado Cash. PeckShield, a blockchain security company, has been monitoring these movements and has identified that at least 100 Ethereum have already been transferred to an address beginning with 0xc66d.

Euler Finance is a platform that provides financial services such as lending, borrowing, and trading of various cryptocurrencies. Attacks on DeFi platforms have been a growing trend recently, and Euler Finance is just one of the latest victims. The attack happened last week, and it is estimated that the hackers were able to steal over $100,000 worth of assets.

Tornado Cash is an Ethereum-based privacy solution that allows users to make anonymous transactions. It is a non-custodial platform that provides complete privacy to its users by allowing them to transfer Ethereum via an anonymizing smart contract. Tornado Cash works by breaking the connection between the sender and the receiver, making it extremely difficult to trace transactions on its blockchain.

By transferring the stolen funds to Tornado Cash, the hackers are taking advantage of the platform’s anonymity features to avoid being traced. This move makes it more difficult for authorities to investigate and recover the stolen funds. While Tornado Cash is not illegal, there are concerns that it can be used for money laundering, tax evasion, and other illicit activities.

In conclusion, the hackers behind the Euler Finance attack are using Tornado Cash to move the stolen funds around and avoid detection. It is unclear what their ultimate goal is, but it is likely that they will continue to use anonymity-focused platforms to avoid being caught. The rise of DeFi attacks highlights the fact that even decentralized platforms are not immune to cybercrimes, and developers need to ensure that their platforms are secure enough to prevent such attacks. Additionally, there is a growing need for regulations to be put in place to prevent the misuse of privacy-focused solutions like Tornado Cash.

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Euler Finance Attackers Shift Stolen Funds to Tornado Cash

Euler Finance attackers have begun to transfer stolen funds to Tornado Cash

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