Euler Finance Hackers Shifts Stolen Funds to Tornado Cash

03/13/2023 11:08 • Daily Digest • 85 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 PeckShield monitoring, there is information suggesting that the Euler Finance attackers are transferring stolen funds to Tornado Cash. At least 100 Ethereum have been transferred through an address starting with 0xc66d.

This is a serious concern for the cryptocurrency industry as it highlights the potential for the use of Privacy Coins like Tornado Cash in money-laundering activities. Tornado Cash is a privacy-enhancing tool that is designed to make transactions on the Ethereum blockchain more anonymous. It works by creating a pool of funds where users can mix their coins with those of other users, making it difficult to trace the origin of the funds.

However, the use of privacy-enhancing tools like Tornado Cash has been criticized by some as it can be used to facilitate financial crimes like money laundering or the funding of illegal activities. The fact that the Euler Finance attackers are now using Tornado Cash highlights the need for regulatory scrutiny of privacy coins and privacy-enhancing tools.

On the other hand, the theft of funds from Euler is not surprising. In recent years, there have been numerous cryptocurrency hacks and security breaches that have led to the loss of millions of dollars. Euler Finance is the latest victim of these attacks. The question is, how can we prevent such attacks from happening in the future?

One solution is increased security measures to protect the wallets and accounts where cryptocurrencies are stored. This could involve the implementation of multi-factor authentication, biometric verification, and the use of hardware wallets. Additionally, there needs to be greater transparency in the cryptocurrency industry, with exchanges and other service providers required to follow strict regulatory standards.

In conclusion, the move by the Euler Finance attackers to transfer their ill-gotten gains to Tornado Cash highlights the need for increased regulation and security in the cryptocurrency industry. While privacy coins and privacy-enhancing tools have their place in the industry, there is a need to ensure that they are not being used for financial crimes or illegal activities.

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Euler Finance Hackers Shifts Stolen Funds to Tornado Cash

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

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