500,000 DAI via DAO Maker exploit sent through Tornado Cash, analysts say – Bitcoin News

After the monies Tornado were stolen in August 2021, the crypto security and smart contract auditing firm Certik disclosed on September 8 that 500,000 DAI was transmitted over the Tornado Cash mixing platform. The digital assets were first created as a result of a security compromise at DAO Maker, which resulted in the loss of over $7 million worth of ERC20 tokens and stablecoins.

500,000 DAI Are Sent Via Tornado Cash From an Address That Is Directly Connected to the DAO Maker Hack

Despite the fact that the United States government has made Tornado Cash, a program that mixes cryptocurrencies based on Ethereum, illegal, it is nevertheless widely utilized. Certik, a business that specializes in cryptographic safety, posted a tweet on Thursday evening at 7:30. (ET) concerning the progression of DAI. According to what Certik shared, “We are observing a movement of 500,000 DAI to Tornado Cash from EOA 0x0B789.” “The address has a direct connection to the DAO Maker exploiter who stole money from [the DAO Maker].” Stay safe while you’re out there!

DAO Maker is not the same project as Makerdao, the issuer of the stablecoin DAI. DAO Maker is an application for decentralized finance (defi), and crowdfunding is one of its uses. According to an ask-me-anything (AMA) event that included DAO Maker’s CEO Christoph Zaknun, the crypto-fueled fundraising system known as DAO Maker was compromised in the month of August 2021. The cybercriminals were successful in stealing ERC20 tokens and stablecoins worth a total of $7 million from 5,251 user accounts. The blockchain company Cipherblade disclosed at the time that it was looking into the DAO Maker exploit as part of a study it was undertaking.

In addition to Certik, the crypto security company Peckshield has validated the fact that 500,000 DAI resulting from the August 2021 DAO Maker hack were transferred through Tornado Cash. According to a notification posted by the Peckshield warning system on Twitter, “Peckshield has detected the address branded as DAO Maker exploiter has transferred 500K DAI to Tornado Cash.” It has been 32 days since the last time the United States The Office of Foreign Asset Control (OFAC), which is the watchdog of the Treasury Department, imposed a ban on Tornado Cash.

The action by OFAC to prohibit Tornado Cash was met with criticism directed toward the decision made by the Treasury Department. On August 15, the non-profit organization Coin Center, which focuses on policy concerns, stated that OFAC’s prohibition on Tornado Cash “exceeds statutory power.” The organization also stated that it intended to “engage” with the Treasury watchdog regarding the matter. Additionally, on September 8 of this year, Coinbase made an announcement stating that the business is “supporting a lawsuit initiated by six people contesting the U.S. the restrictions imposed on the Tornado Cash smart contracts by the Treasury Department.”

There are tags in this tale.

 

 

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