In a worrying trend for the cryptocurrency world, four hacker groups have laundered a staggering 20,561 ETH (equivalent to $49.3 million) through the Ethereum mixing service Tornado Cash since the start of September. This development highlights the increasing use of privacy tools for illegal purposes.
Among the hacker entities, the Penpie exploiter stands out for its swift actions. Within just four days of the hack, this entity successfully laundered 11,261 ETH, valued at $26.7 million, through Tornado Cash. The speed at which these funds were moved has raised concerns about the difficulty of tracking stolen assets on decentralized platforms.
WazirX Exploiter Holds $123M in Stolen ETH
On the other hand, according to spot-on-chain, the WazirX exploiter, another key player in this laundering scheme, still holds a massive 54,155 ETH (worth $123 million), accounting for about 88% of the total stolen amount. The possibility of these funds being moved in the future could further impact the Ethereum market.
The laundering activities have coincided with a significant drop in Ethereum’s market price, which plunged over 13% during the same period. Ethereum reached a low of $2,169, adding further volatility to an already uncertain market.
Tornado Cash has long been a controversial tool in the crypto space, providing privacy features that allow users to mix and obscure their funds. However, its increasing use in high-profile hacking cases is reigniting debates about the balance between privacy and security in the blockchain ecosystem.
