On January 19, an Ethereum address associated with the Raydium AMM protocol exploit laundered 1,774.5 ETH (approximately $2.7 million) via the Tornado Cash mixer. CertiK drew attention to this.
We are seeing ~1,774.5 ETH (~$2.7M) being deposited into @TornadoCash from the Raydium exploiter 0xb98ac as labeled on https://t.co/lb2v6r8c4s.
stay vigilant! pic.twitter.com/JVqWAw9MVO
— CertiKAlert (@CertiKAlert) January 19, 2023
The funds were stolen in December 2022 by hacking the administrator account keys that power Raydium smart contracts. The damage from the hack amounted to $4.4 million.
Recall, August 8 OFAC imposed sanctions on the Tornado Cash mixer. The agency suspected the platform of laundering about $7 billion since 2017. Over $455 million of them were associated with North Korean hackers.
In the same month, Alexey Pertsev, the developer of the mixer, was arrested in the Netherlands. His detention was last extended until 20 February 2023.
Within a month of the imposition of the sanctions, Tornado Cash’s liquidity pools shrank by about 60%, diminishing its potential to anonymize large-scale money laundering schemes. Nevertheless, DeFi protocol crackers continue to actively use the mixer.
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