Tornado Cash has encountered a notable downturn in current weeks, particularly after its delisting from Binance. The elimination from Binance had a considerable impression, inflicting TORN’s value to plummet by nearly 45% inside a single day.
Regardless of witnessing a broader market rally within the cryptocurrency trade, TORN’s worth has continued to say no, experiencing a drop of greater than 8% up to now weeks and a major 48% lower over the past 30 days.
Including to the complexity of the scenario, reviews point out that funds from the KyberSwap hacker incident at the moment are discovering their manner into Tornado Cash, in accordance with CertiK information.
Notable Large Quantity Of Funds Flowing Into Tornado Cash
The defi market maker suffered a considerable lack of $48.8 million in November because of the KyberSwap assault. Not too long ago, the hacker executed a switch of $338,000 value of BNB tokens to an account on the Polygon community, owned by a distinct entity. Notably, these funds have now been directed into Tornado Cash.
CertiK information reported on X states, “We have now seen 1473.5 BNB (~$338k) deposited into @TornadoCash from EOA 0x76dD”. The EOA in query acquired funds from the KyberSwap exploiter pockets 0xE660 on Polygon. The KyberSwap platform was exploited for about $45 million on November 22.
We have now seen 1473.5 BNB (~$338k) deposited into @TornadoCash from EOA 0x76dD.
The EOA acquired funds from KyberSwap exploiter pockets 0xE660 on Polygon.
KyberSwap have been exploited for ~$45m on 22 Nov.https://t.co/csE3K2RJwx
— CertiK Alert (@CertiKAlert) December 5, 2023
This growth raises questions concerning the dynamics of decentralized finance platforms and their susceptibility to safety incidents. The inflow of funds from a hacker’s pockets into Tornado Cash highlights the interconnected nature of the cryptocurrency house, the place occasions in a single nook can have repercussions throughout completely different initiatives.
Disclosure: This isn’t buying and selling or funding recommendation. All the time do your analysis earlier than shopping for any cryptocurrency or investing in any service.
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