Uranium Finance Hackers Transfer $3.35 Million Stolen Funds to Tornado Cash

03/07/2023 01:14 • Tech Ticker • 101 views

It is reported that, according to Paidun monitoring, after 647 days, Uranium Finance hackers transferred 2250 ETH (about $3.35 million) stolen funds to Tornado Cash today. The stolen funds seem to have been retained in the form of USDT for about 650 days.

Paidun: Uranium Finance hackers transferred about $3.35 million of ETH to Tornado Cash

Interpret the above information:

Uranium Finance, a cryptocurrency platform that offers yield farming, has been a victim of a cyber-attack in April 2021. Paidun, a blockchain security firm, has recently revealed that the hackers involved in the attack have transferred $3.35 million in stolen funds to Tornado Cash. This incident took place after 647 days of the Uranium Finance hack.

The hackers have been retaining the stolen funds in the form of USDT for approximately 650 days before transferring them to Tornado Cash. Tornado Cash is a decentralized, non-custodial platform that facilitates the anonymity of transactions in the Ethereum network. With the help of Tornado Cash, the hackers would be able to mix their stolen funds with other Ethereum assets and convert them to other cryptocurrencies, making it harder to trace.

The transfer of the stolen funds to Tornado Cash could lead to various potential consequences. Despite the anonymity it provides, Tornado Cash is not immune to tracking. Government authorities could still find the hackers and confiscate the funds once they’re converted to other cryptocurrencies. In any case, the transfer highlights a lack of secure infrastructure in the cryptocurrency space, and the challenge of regulating and providing accountability for digital assets.

Furthermore, this incident raises concerns about the security protocols of Uranium Finance. The fact that the hackers were able to retain the funds for almost two years with no detection is a clear indication of a flaw in the platform’s security. This cyber-attack could potentially create future trust issues for Uranium Finance, affecting its reputation and reliability as an investment option.

In conclusion, this incident once again brings up concerns about the security and accountability of cryptocurrencies. Hackers’ ability to retain stolen funds for an extended period demonstrates the need for tighter regulations and more secure infrastructure in the cryptocurrency space. With security breaches becoming a common occurrence in the financial sector, crypto platforms need to prioritize the safekeeping of their users’ funds to prevent further losses.

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Uranium Finance Hackers Transfer $3.35 Million Stolen Funds to Tornado Cash

Paidun: Uranium Finance hackers transferred about $3.35 million of ETH to Tornado Cash

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