Flare Token Attackers Move 56,200 BNB To Tornado Cash In Recent Transfer

Key Points:

• Flare token attackers have moved 56,200 BNB (worth $13.95 million) to Tornado Cash, raising concerns about the misuse of funds and the complexity of the attack.
• The Flare token project on the BSC chain was previously flagged as an exit scam, resulting in a significant decline in the FLARE token’s price by over 95%.

In a recent development, Flare token attackers have successfully transferred 56,200 BNB, equivalent to approximately $13.95 million, to Tornado Cash. 

The attackers initiated their actions back in November 2022 when they managed to extract a staggering 3.98 billion Flares from specific addresses starting with 0xf99c. Subsequently, they proceeded to exchange a portion of the stolen Flares, approximately 1 billion, for 16.9 million BSC-USD. 

Additionally, they converted 1.98 billion Flares into 32.7 million Futures, which were then swapped for 1.6 million BUSD. A small fraction of stablecoins were further exchanged for 2431.14 ETH, bridging the funds to both Ethereum (1939 ETH) and Avalanche chain (399.8 WETH) via cBridge and Multichain. The attackers attempted to obscure their activities by laundering the funds through mixers and centralized exchanges using a technique known as chain-hopping.

Previously, security companies had flagged the Flare token as an exit scam, with the scammers reportedly profiting around $18.5 million at the time. It is important to note that the Flare project on the BSC chain involved in the exit scam should not be confused with tokens or symbols bearing similar names. Consequently, the FLARE token’s price experienced a significant decline of over 95% following the incident.

The recent transfer of 56,200 BNB to Tornado Cash adds another layer of complexity to the Flare token attack, raising concerns about the potential misuse of the funds and the efforts taken by the attackers to obfuscate their activities. Authorities and security organizations continue to closely monitor the situation, seeking to mitigate any further harm caused by these fraudulent actions.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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