Sunday, November 27, 2022

More Than 15% Of Tornado Deposits Came From The Ronin Exploiter

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More than 15% of the Tornado deposits came from the Ronin exploiter according to Nansen CEO Alex Svanevik who revealed the reports so let’s read more today in our cryptocurrency news.

The exploiter behind Ronin’s $625 million attacks managed to move thousands of ETH to privacy tool Tornado Cash and a month after, what most considered the biggest exploit in DEFI history with the on-chain data showing that more than 15% of Tornado deposits came from the Ronin attacker. Alex Svanevik was the one that revealed the data. The Axie Infinity play-to-earn gaming paltform Ronin Network suffered an attack that led to the loss of $625 million in USDC and ETH.

Over the past week, the activity from the exploiter’s main address tagged as the Ronin Bridge exploiter on Etherscan shows a continuous movement of ETH to different addresses with the transaction history showing that 20 transfers were to the same Tornado wallet each of which sent over 100 eTH. The US Federal Bureau of Investigation revealed that “The Lazarus Group” associated with the Democratic People’s Republic of Korea which was behind the attack. The notorious group was sanctioned by the Treasury Department. The reports suggested that the Lazarus group is known to use illicit revenues for Pyongyang to fund the nation’s nuclear and ballistic missile program.

Tornado Cash provides transaction privacy by breaking the on-chain link between source and destination addresses which came under fire for aiding most exploiters and concealing their address while withdrawing fraudulently gaining funds. The Nansen CEO took a Twitter poll asking:

“Sensitive topic but curious on how people think: What % of funds would have to be from known exploits/hacks/scams for you to stop using Tornado?”

Tornado Cash banned the North Korean hacking group from using the services and said that maintaining financial privacy is key to preserving their freedom but it should not come at the cost of noncompliance.

Ronin Network Confirms, lazarus, hack, attack, bridge, sky mavis

As recently reported, Ronin Network confirms that it identified hackers related to the recent hack of $620 million and that all user funds are in the process of being restored. The entity imposed enhanced security measures to prevent such attacks in the near future. The project revealed that the cyber assault happened on March 23 and got identified a few days later by the sky Mavis team.

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