The Penpie hacker completed the laundering of stolen funds by transferring the final 1,661 ETH (US$3.77M) through Tornado Cash three hours ago.
The Penpie hacker transferred the remaining 1,661 ETH, which is valued at US$3.77 million, to Tornado Cash, one of the most frequently used Ethereum blending services for concealing the origin and destination of money, three hours ago. This marks the ultimate transfer of the $27 million in assets that were plundering from the DeFi platform Penpie.
The stolen 11,261 ETH were systematically funneled through Tornado Cash following the initial compromise. Resurfaced concerns include the fact that Tornado Cash combines cryptocurrency transactions to disrupt traceable connections between senders and receivers, thereby facilitating the easy laundering of substantial amounts by hackers. Nevertheless, Tornado Cash’s decentralized nature and exceptionally robust privacy protection enable it to continue assisting cyber criminals in spite of regulatory initiatives to combat crypto-based money laundering.
The theft has had a significant impact on both Penpie and the users. The future of the investors and users is at risk, as there have been no reports of the assets’ recovery to date. In the crypto space, the security challenges of decentralized platforms and the dangers posed by mixers such as Tornado Cash continue to elicit concern.
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