iEarn Hacker Continues To Launder $11.6M Loot Through Tornado Cash

An older version of Yearn Finance protocol was hacked last month where the hacker exploited the vulnerability for $11.6 million in stablecoins. In the latest transactions, the exploiter moved over 2000 ETH, worth $3.6 million to Tornado Cash.

Blockchain analytics firm PeckShield reported that the exploiter is moving funds to different addresses and then routing them to Tornado Cash. So far since the hack, the hacker has nearly laundered $9.3 million worth of loot through layered transactions on Tornado Cash.

The hacker minted 1 quadrillion yUSDT

As reported earlier, PeckShield detected a hack that allowed the attacker to mint over 1 quadrillion Yearn Tether (yUSDT). Lanter, the hacker swapped those tokens for other stablecoins worth $11.6 million. Exploiter transferred 1000 ETH to the sanctioned crypto mixer the same day.

As per PeckShield, funds have been split into different addresses that are then being transferred to the crypto mixer through layered transactions. One address linked to the iearn exploiter transferred a total of 4,134 ETH to the sanctioned crypto mixer.

Crypto hacks drop 70% since Tornado Cash ban

Blockchain intelligence firm TRM Labs reported that the industry saw a dramatic drop in the number of hacks in the first quarter of 2023 after the sanctions placed on the crypto mixer Tornado Cash.

As per the report, hackers stole approximately $400 million from crypto projects across 40 attacks, representing a 70% decrease in money stolen compared to the same period in 2022. The report highlighted the industry’s positive trend to legal actions against hackers and last year’s sanctions on Tornado Cash which made it “difficult to launder the proceeds” that led to the change.

Jai Pratap is a Crypto and Blockchain enthusiast with over three years of working experience with different major media houses. His current role at CoinGape includes creating high-impact web stories, cover breaking news, and write editorials. When not working, you’ll find him reading Russian literature or watching some Swedish movie.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.