At least 4,830 ETH ($15 million) has been stolen from crypto exchange platform Crypto.com, according to blockchain researchers PeckShield.
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According to blockchain records, it appears that the alleged hacker laundered almost all of the proceeds from the incident through TornadoCash, a “coin mixer” that serves to obfuscate the on-chain connection between the source and destination of transactions on the Ethereum blockchain.
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The attacker began laundering the funds that had been withdrawn at 12:53 a.m. UTC on Tuesday in batches of 100 ETH ($317,000) per transaction. In total, the hacker sent 48 deposits of 100 ETH each and three deposits of 10 ETH each to TornadoCash.
It is not yet known how the hacker was able to steal funds from Crypto.com, but the exchange initially announced that some users reported suspicious activity in their accounts on January 17.At the time, the exchange said it was going to pause withdrawals while it investigated the matter.
The next day, the platform tweeted that some users had reported unauthorized activity on their accounts, but did not specify the nature of the incident. In response, the exchange reinstated all two-factor authentication (2FA) protocols, requiring all users to repeat the security verification step before withdrawals on the platform are enabled.
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In a tweet on Tuesday morning, Crypto.com CEO Kris Marszalek maintained that user funds were not lost in the incident. “We will share a full analysis after the internal investigation is complete,” Marszalek added.
Information source: theblockcrypto.com
