Poloniex hacker moves stolen funds for first time, keeping $182m untouched

Main Points Related to Bitcoin, web3, Ethereum, and Cryptocurrency:

  • Poloniex hacker transferred 100 ETH to Tornado Cash mixer
  • Hacker also holds $182 million in various cryptocurrencies
  • Poloniex lost $125 million in cryptocurrencies due to the attack
  • Justin Sun identified and froze part of the hacker’s assets
  • Hackers of Kronos Research and Hundred Finance also laundered funds through Tornado Cash
  • Tornado Cash implicated in money laundering and sanctions violations

First Subtitle: Poloniex Hacker Laundering Funds

The Poloniex cryptocurrency exchange hacker made the decision to transfer 100 ETH to the Tornado Cash mixer for laundering, marking the first instance of such activity. This comes after the hacker acquired $182 million in cryptocurrencies like Ethereum, Tron, Bitcoin, and Bitcoin Token.

Second Subtitle: Poloniex Exchange Losses and Recovery

In November 2023, Poloniex suffered significant losses of nearly $125 million in crypto assets due to a hacker attack. Owner Justin Sun successfully identified and froze some of the hacker’s assets and offered a $10 million reward for the return of stolen funds. Meanwhile, hackers from Kronos Research and Hundred Finance also turned to Tornado Cash for money laundering.

Third Subtitle: Implications of Tornado Cash and Sanctions

Tornado Cash, known for its role in facilitating the movement of illicitly obtained funds, faced sanctions from the U.S. government in August 2022. The developers of Tornado Cash were charged with money laundering and sanctions violations, leading to legal repercussions. The involvement of Tornado Cash in these activities highlights the ongoing challenges in the cryptocurrency space.

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