Rain Hacker Launders Stolen Funds Through Tornado Cash
CryptoNewsTerminal Staff09 Aug, 2024
Rain Hacker Launders Stolen Funds Through Tornado Cash
Rain, the Middle Eastern cryptocurrency exchange, was hacked recently in May 2022, losing $14.8 million. Now, according to PeckShield, the hacker has transferred 721 ETH (over $1.7 million) to Tornado Cash, a cryptocurrency mixing protocol. Tornado Cash is a popular tool for laundering stolen cryptocurrency as it obscures the origin of funds by mixing them with other transactions. This makes it difficult for law enforcement to trace the stolen funds. The Rain hack is a reminder of the importance of cryptocurrency security. Exchanges must implement strong security measures to protect their customers' funds from theft.
