The Use of Tornado Cash by Hackers: A Dangerous Trend
It is reported that according to CertiK monitoring, the black address 0x9D3B5 marked as “Nimbus Platform Explorer 2” by Bscscan… has transferred the funds to Tornado Cash. So far, Nimbus Platform attackers have transferred 278 BNBs (approximately $91000).
The black address marked “Nimbus Platform Explorer 2” by Bscscan has transferred funds to Tornado Cash
Analysis based on this information:
The rise of cryptocurrency has been a game-changer in the world of finance. The decentralized nature of these currencies makes them attractive to users as they provide anonymity and flexibility, without the need for a central authority. However, this new technology has also brought with it new risks and vulnerabilities. One of these vulnerabilities lies in the ability of hackers to use Tornado Cash to launder money stolen from unsuspecting victims.
Tornado Cash is a decentralized, non-custodial, and privacy-focused Ethereum mixer that enables users to send and receive Ethereum in a way that is virtually untraceable. The service takes advantage of zero-knowledge proofs to ensure that transactions are mixed in a way that hides the origin of the funds, making it difficult or impossible to trace them back to their source. This anonymity has attracted hackers who use the service to wash their coins, making them unidentifiable and difficult to trace.
The recent report by CertiK monitoring reveals that the black address 0x9D3B5, known as “Nimbus Platform Explorer 2” by Bscscan, has transferred 278 BNBs (approximately $91000) to Tornado Cash. It is suspected that this address belongs to the attackers who recently hacked into the Nimbus Platform. The hackers were able to exploit a vulnerability in the platform’s smart contract, enabling them to steal funds from other users’ accounts.
This is not the first time that hackers have used Tornado Cash to launder their stolen funds. The anonymity provided by Tornado Cash makes it difficult for authorities to track down the source of the funds or identify the individuals behind the hack. This highlights the need for stronger regulations around cryptocurrencies and their use.
The use of Tornado Cash by hackers is a dangerous trend that poses a threat to the security and integrity of the cryptocurrency market. While there are legitimate uses of Tornado Cash, such as protecting privacy, there is also a need to ensure that it is not used for illegal activities. It is imperative that regulators and authorities work together to combat money laundering and ensure the safety of users in the cryptocurrency market.
Overall, the use of Tornado Cash by hackers highlights the potential risks and vulnerabilities associated with cryptocurrency transactions. The anonymity provided by services such as Tornado Cash can be both a boon and a curse, as it enables users to protect their privacy but also provides a channel for illicit activities. Therefore, it is essential to establish stricter regulations and monitor the transactions associated with such services to prevent misuse. Furthermore, educating the public about these risks can provide them with the necessary knowledge to make informed decisions when using cryptocurrencies.
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