Tornado Cash has encountered a notable downturn in recent weeks, especially after its delisting from Binance. The removal from Binance had a substantial impact, causing TORN’s price to plummet by almost 45% within a single day.
Despite witnessing a broader market rally in the cryptocurrency industry, TORN’s value has continued to decline, experiencing a drop of more than 8% in the past weeks and a significant 48% decrease over the last 30 days.
Adding to the complexity of the situation, reports indicate that funds from the KyberSwap hacker incident are now finding their way into Tornado Cash, according to CertiK data.
Notable Massive Amount Of Funds Flowing Into Tornado Cash
The defi market maker suffered a substantial loss of $48.8 million in November due to the KyberSwap attack. Recently, the hacker executed a transfer of $338,000 worth of BNB tokens to an account on the Polygon network, owned by a different entity. Notably, these funds have now been directed into Tornado Cash.
CertiK data reported on X states, “We have seen 1473.5 BNB (~$338k) deposited into @TornadoCash from EOA 0x76dD”. The EOA in question received funds from the KyberSwap exploiter wallet 0xE660 on Polygon. The KyberSwap platform was exploited for approximately $45 million on November 22.
We have seen 1473.5 BNB (~$338k) deposited into @TornadoCash from EOA 0x76dD.
The EOA received funds from KyberSwap exploiter wallet 0xE660 on Polygon.
KyberSwap were exploited for ~$45m on 22 Nov.https://t.co/csE3K2RJwx
— CertiK Alert (@CertiKAlert) December 5, 2023
This development raises questions about the dynamics of decentralized finance platforms and their susceptibility to security incidents. The influx of funds from a hacker’s wallet into Tornado Cash highlights the interconnected nature of the cryptocurrency space, where events in one corner can have repercussions across different projects.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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