7.4 Million Dollars Heist from Hundred Finance Shows Activity After a Year

Crypto News– Following a year-long hiatus, the hacker behind the $7.4 million exploit on the Optimism-based DeFi protocol Hundred Finance has resumed activity, sparking concern within the crypto community.

7.4 Million Dollars Heist from Hundred Finance Shows Activity After a Year

At approximately 10:25 am London time on Wednesday, the hacker initiated withdrawals totaling nearly $800,000 worth of Ether and Tether’s USDT stablecoin from the decentralized exchange Curve. These tokens had been used to provide liquidity on the platform over a year ago.

Subsequently, the hacker utilized the decentralized exchange Uniswap to convert the withdrawn USDT and small amounts of other cryptocurrencies, including PAXG, WOO, FRAX, and DAI, into Ether. As a result, the wallet’s Ether holdings increased by just over $1 million.

Currently, the hacker holds assets valued at $4.2 million in Ether, $1.2 million in DAI, $859,000 in Synthetix’s sUSD stablecoin, and lesser amounts of Wrapped Ether, FRAX, SNX, and Wrapped Bitcoin.

The sudden resumption of fund movement raises questions about the hacker’s intentions. If still in control of the wallet, this activity may indicate preparations to liquidate the stolen assets.

It’s a common practice for hackers to convert stolen crypto, particularly into Bitcoin or Ether, to facilitate easier conversion into fiat currency.

Is the Hacker Preparing to Liquidate?

The hacker may encounter challenges in cashing out their stolen crypto assets.

Before attempting to liquidate the funds through a centralized cryptocurrency exchange, the hacker must sever the traceability chain connecting the funds to the wallet involved in the hack.

In the past, hackers have utilized crypto mixers like Samourai Wallet or privacy protocols such as Tornado Cash to obscure the origins of their transactions.

However, regulators worldwide are intensifying efforts to combat methods used by cryptocurrency users to conceal their transaction histories.

For instance, on April 24, the European Parliament voted to prohibit crypto mixers as part of new anti-money laundering regulations.

Subsequently, on April 25, the Department of Justice (DoJ) pressed charges against two founders of the crypto mixer Samourai Wallet, alleging conspiracy to commit money laundering and operate an unlicensed money transmitting business.