Rain exchange hacker moves 1155 ETH to Tornado Cash
CryptoNewsTerminal Staff07 Aug, 2024
Rain exchange hacker moves 1155 ETH to Tornado Cash
Rain exchange hacker transferred 1155 ETH (worth $2.9 million) to Tornado Cash, a cryptocurrency mixing service, on [date]. This transaction is likely an attempt to launder the stolen funds and make them more difficult to trace. Peckshield, a blockchain security firm, reported the transaction and noted that the hacker had previously stolen the ETH from Rain exchange. The hacker had exploited a vulnerability in the exchange's smart contract to drain its funds. Tornado Cash is a popular tool for criminals to launder cryptocurrency because it allows users to mix their coins with other users' coins, making it more difficult to track the origin of the funds. It is still unclear what the hacker plans to do with the stolen ETH, but it is likely that they will attempt to sell it on a cryptocurrency exchange or use it to purchase other goods and services. The Rain exchange hack is a reminder of the importance of security in the cryptocurrency industry. Exchanges should take steps to protect their users' funds from hackers, and users should be aware of the risks of using cryptocurrency and take steps to protect their own assets.
