- Hackers deposit 17,800 ETH worth $42.7M into Tornado Cash after major DeFi protocol hacks.
- Penpie hacker moves 9,600 ETH ($23M) to Tornado Cash following a high-profile exploit.
- 2024 H1 sees 200+ crypto hacks, $1.56B in losses, with Ethereum and BNB Chain most targeted.
Recent blockchain activity has revealed significant movements by hackers, according to Lookonchain monitoring. Notably, three hacker addresses have deposited a combined total of 17,800 ETH, valued at approximately $42.7 million, into Tornado Cash over the last three days. These deposits include funds from high-profile hacks, raising concerns within the crypto community about the rise of illicit activities in the decentralized finance (DeFi) space.
Breakdown of Deposits by Hackers
Among the three hackers, the Penpie hacker led with a substantial deposit of 9,600 ETH, roughly equivalent to $23 million. Following closely, the WazirX hacker transferred 7,200 ETH, amounting to $17.3 million. Another hacker, responsible for stealing assets from Shen Bo, the founder of Fenbushi Capital, deposited 1,000 ETH, valued at around $2.4 million. These transactions suggest a coordinated effort by malicious actors to obfuscate their illicit gains using Tornado Cash, a decentralized mixing service that has previously been linked to other crypto hacks.
Hacker Moves $4M in Stolen Ether to Tornado Cash from WazirXThese deposits come amid a growing trend of hackers exploiting DeFi protocols. The hackers involved appear to be leveraging Tornado Cash to hide the movement of stolen funds, making it more difficult for authorities and blockchain analytics firms to track the assets. However, the activity signals heightened vigilance as blockchain monitoring continues to reveal suspicious transfers.
Hackers’ Unusual Exchanges and Messages
In a peculiar development, PeckShield, a blockchain security firm, reported an exchange between the Euler Finance exploiter and the Penpie hacker. In this communication, the Euler Finance hacker expressed admiration for the Penpie hacker’s execution of a unique and successful hack. This unusual display of “appreciation” highlights the troubling camaraderie that may exist between bad actors in the crypto space. Such interactions suggest that cybercriminals may be sharing techniques or at least acknowledging one another’s activities.
This type of communication underscores a worrying trend, where hackers not only collaborate but also publicly acknowledge their exploits. Although it is unclear if this exchange represents a new form of hacker communication, it adds another layer of complexity to understanding the dynamics of crypto-related crime.
Crypto Hack Losses Surge in 2024
The increase in hacking incidents has been significant this year. PeckShield’s report on the first half of 2024 indicated that over 200 major crypto hacks resulted in losses totaling $1.56 billion, a stark rise of 293% from the same period in 2023. Of the total losses, $319 million has been recovered, leaving a substantial amount unrecovered.
The majority of these hacks have targeted DeFi protocols, which account for 59% of the stolen value. Ethereum, Bitcoin, and XRP were the top three cryptocurrencies impacted by the largest losses. Additionally, Ethereum and BNB Chain led in the number of hacking incidents, each experiencing 31.3% of the total attacks, followed by Arbitrum at 12.5%. Notably, over 20 public blockchains were affected, further illustrating the widespread nature of these exploits.
