A major transfer of 14,500 ETH, worth about $35.2 million, has been traced to Tornado Cash, a crypto mixing platform, linked to the Nomad Bridge hack of August 2022.
This transaction, flagged by PeckshiedAlert, occurred on August 8.
Previously, on August 5, stolen funds from the same hack were used to acquire 16,892 ETH, coinciding with a significant drop in Ethereum’s value from $2,760 to $2,172 within 12 hours due to a market downturn.
Tornado Cash, which obscures transaction histories on Ethereum through privacy techniques, has been exploited by criminals to launder stolen cryptocurrencies.
The platform, sanctioned by the U.S. Treasury in 2022, continues to face regulatory challenges. Despite sanctions, Tornado Cash usage has increased, and its developers face legal issues, including money laundering charges.
The broader crypto community remains concerned about the impact of such privacy tools on digital asset security and regulatory efforts to curb misuse.
Two users of the OpenSea platform have initiated a class action lawsuit in a Florida court, claiming the NFT marketplace is involved in the sale of unregistered securities.
The FBI have apprehended two individuals linked to a significant Bitcoin heist, where a single victim reportedly lost around $250 million in digital currency.
A federal judge has ordered a New York man to pay $36 million after he allegedly defrauded cryptocurrency investors by promising unrealistic returns while using their money to finance his luxurious lifestyle.
BingX, a cryptocurrency exchange, has alerted users to a possible security breach involving its hot wallet, leading to the activation of emergency protocols.