Penpie Hacker Completes $27 Million Asset Transfer via Tornado Cash!

Key Points:

• Three hours ago, the Penpie hacker transferred the last 1,661 ETH (US$3.77M) through Tornado Cash, completing the laundering of stolen funds.
• All 11,261 ETH ($27M) stolen from Penpie is now fully transferred via Tornado Cash, making the stolen assets nearly untraceable.

According to an on-chain analyst from EmberCN, the Penpie hacker has laundered the remaining stolen assets.

Penpie Hacker Transfers Final Batch of Stolen Funds

Three hours ago, the Penpie hacker sent the remaining 1,661 ETH worth US$3.77 million to Tornado Cash, one of the most utilized Ethereum mixing services for obscuring the origin and destination of money. This is the final transfer of all $27 million in assets stolen from the DeFi platform Penpie.

After the initial breach, the stolen 11,261 ETH were systematically funnelled through Tornado Cash. Resurfaced concerns include that Tornado Cash mixes cryptocurrency transactions to break traceable links between senders and receivers, enabling hackers to launder large amounts easily. However, its decentralized nature and extra-strong privacy protection allow Tornado Cash to continue to help cyber criminals despite some regulatory attempts to crack down on crypto-based money laundering.

Read more: WazirX Hacker Address Moves $6.5M Stolen Crypto To Tornado

Security Concerns for DeFi Platforms Grow

The theft has struck hard on Penpie and the users themselves. To date, there have been no reports regarding the recovery of the assets; the future of the investors and users is in jeopardy. The security challenges of decentralized platforms in the crypto space continuously raise eyebrows, as do the menace mixers like Tornado Cash have caused.