Deribit Hot Wallet Hacker Cashes Out $2.5 Million in ETH
According to the Ethereum block explorer Etherscan, the Deribit hot wallet hacker has transferred 1,610 ETH (over $2.5 million) to Tornado Cash.
The unknown hacker who stole $28 million from Deribit is now moving the stolen funds using the decentralized cryptocurrency mixer, Tornado Cash. This mixer makes it very difficult to trace the stolen funds, meaning that the hacker may be able to get away with their crime.
The hacker who stole 1,610 Ether from Deribit has likely laundered the funds through Tornado Cash. This represents a major loss for Deribit, and highlights the need for improved security measures to protect against future attacks.
The Deribit hack was a major setback for the company, but it appears to be quickly recovering. According to reports, the company has already transferred 17 funds in just a few days. This is a good sign for the future of the company, and it shows that they are committed to moving forward despite the challenges.
The hacker's address still holds a balance of 7,501 ETH, worth $11.8 million at the time of writing. This is just a fraction of the total ETH stolen, which amounted to 9,080 ETH initially.
The blockchain analytics platform PeckShield has reported that the hacker who stole over $8 million worth of ETH from the Tornado Cash smart contract has begun moving the funds out of their ETH wallet. So far, the hacker has withdrawn just over $350,000 worth of ETH, but it is not clear where they are moving the funds to. This is a developing story, and we will continue to update this article as more information becomes available.
It's always unfortunate to see a cryptocurrency exchange suffer a hack, especially one that results in the loss of customer funds. In this case, Deribit has lost a total of $28 million in several cryptocurrencies, including Bitcoin (BTC), ETH and USD Coin (USDC). The exchange has halted all withdrawals in order to ensure proper security in the aftermath of the hack, and has promised to cover all the losses. We hope that Deribit is able to quickly recover from this setback and that its customers are able to get their funds back safely and securely.
The platform has resumed regular withdrawals for BTC, ETH and USDC, migrating all hot wallets to the digital asset security platform Fireblocks. Deribit has stressed that users should not send funds to their previous BTC, ETH and USDC addresses and use new Fireblocks deposit addresses instead. This is a great move by the platform to ensure the security of users' assets.
The news about the potential blacklisting of Tornado Cash comes at a time when there is already a great deal of uncertainty surrounding cryptocurrency mixers. If Tornado Cash is blacklisted by the US Department of the Treasury, it would make it illegal for US citizens, residents and companies to use the service. This would no doubt have a major impact on the cryptocurrency world, and could lead to even more restrictions and uncertainty in the future.
The crypto advocacy group Coin Center has filed a complaint against the Office of Foreign Assets Control (OFAC), Treasury Secretary Janet Yellen and OFAC Director Andrea Gacki, alleging that sanctioning the crypto platform Tornado Cash was "unprecedented and unlawful." This complaint comes after OFAC announced that it had added Tornado Cash to its list of sanctioned entities, citing the platform's alleged involvement in money laundering and other illicit activities.
