Kyber Network Hacker Strikes Again Moves 583M in ETH After 7Month Silence

pThe hacker who successfully attacked the Kyber Network is back in action after a break of seven months which has caused new alarms in the cryptocurrency world Thus on October 22 2024 the hacker initiated another trade and used Tornado Cash to launder 2200 ETH worth approximately 583 millionppThe Kyber Network exploiter has resurfaced after 7 months of inactivity transferring 2200 ETH 583M to Tornado Cash todayOn Nov 23 2023 this exploiter hacked Kyber Network stealing 483M in crypto assets across multiple networks including Arbitrum Optimism pictwittercom301iiQaNiQppThe wellknown Kyber Network hacker was identified as the one who hacked the decentralized liquidity protocol in November 2023 and got away with 483 million in crypto form These stolen funds were taken from several blockchains such as Arbitrum Optimism Ethereum Polygon Base and othersppAfter the hack was committed the attacker appeared to go dormant during the following months and many of the stolen assets were left untouched However on October 22 2024 several blockchain analysts spotted the large movement of funds from the attackers walletppThe hackers return activated 2200 ETH originating from Tornado Cash which is a platform that specifically conceals the sender and receiver of transactions This latest transaction now takes the total amount of laundered ETH to 7200 ETH 1723M which means that the hacker has been able to clear about 15 of all the stolen assets Now 12306 ETH 322M are still untouched by the hacker and are stashed in 16 distinct wallets according to the data provided by Spot On ChainppThe Kyber Network exploit is not the first time a DeFi hack has occurred and its become a common trend in the crypto world At the same time mixing services such as Tornado Cash are still capable of preventing the identification of stolen funds which is causing doubts about the effectiveness of modern blockchain protection solutionsppHowever for Kyber Network the reappearance of the hacker is worrying that the stolen assets are still looming Although the funds have been partially laundered the rest of the amount is still out there and thus continues to be an everpresent menace to the platform and the DeFi fraternity as a wholeppAll of the events take place along the hack the hacker continues to steal and transfer money and everyone looks at the blockchain to identify more movements The specialists of the crypto community are still observing the situation albeit various traditional investigative measures might not always be sufficient especially when the attacker can leverage for instance Tornado Cashpp
Ishtiyaq is a skilled crypto content writer with over two years of experience He creates engaging and informative content on blockchain technology and digital currencies simplifying complex concepts for a broad audience His work includes articles guides and news pieces that educate and captivate readers in the crypto space ppThe crypto market on December 2 2024 saw extreme greed driving volatility with sharp altcoin swings and 65M in XRP liquidationsppBears are in control today as BTC and ETH fail to post gains in todays session while HBAR XRP and IOTA emerge as the days top gainersppCrypto market cap hits 343T with 14453B trading volume in 24h Bitcoin BTC leads at 97056 and DeFi TVL reaches 20492B amid strong market trendsppEthereum ETFs saw over 200M in weekly inflows signaling rising institutional confidence and optimism for Ethereums longterm price rallyppSubdued Bitcoin sentiment highlights growth potential driven by institutional adoption and limited speculative activityppBlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space keeping its readers abreast of the latest and most significant trends in the industryppHere at BlockchainReporter our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news altcoins news blockchain news NFT news and cryptocurrency adoption news from around the worldppBlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space keeping its readers abreast of the latest and most significant trends in the industryppHere at BlockchainReporter our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news altcoins news blockchain news NFT news and cryptocurrency adoption news from around the worldpp2024 Blockchainreporternet All Rights Reservedp