Crypto News – Securing Your Digital Wealth: Insights from Kronos Research Hack
Crypto News – Another $2.6 million worth of Ether has been moved to Tornado Cash, a cryptocurrency mixing service, by the hacker responsible for the $25 million Kronos Research attack. According to an X post by on-chain security company PeckShield, the 700 Ether transfer happened from the Kronos exploiter wallet “0x3” on May 21.
Following seven more 100 ETH transactions today, the exploiter sent three 100 ETH transactions on May 20. With today’s transactions, the total is 1,000 ETH or more than $3.7 million at today’s exchange rate. The wallet still has slightly more than 60 ETH, or more than $223,000, after the transfer of 1,000 ETH. According to CoinStats statistics, the hacker‘s wallet peaked in value on May 19 at approximately $6.4 million.
Rise in Ether May Have Spurred Hacker Action
Ether’s sharp price increase is probably what led the hacker to decide to launder the money. The price of Ether increased by more than 22.37% on the last day, trading at $3,794. CoinMarketCap indicates that the last time Ether traded above $3,700 was on March 15.
The Ether bounce comes in the wake of rumors that the SEC has urged ETF exchanges to alter their 19b-4 filings, reversing its position on spot Ether ETFs. This could be the result of political pressure, according to sources. Senior Bloomberg ETF analyst Eric Balchunas has raised the chances of approval from 25% to 75%, which contributes to the optimistic investor sentiment.
FAQ
How Often Does Crypto Get Hacked?
Cyberattacks have been a recurring problem for the cryptocurrency sector, and most international regulators disapprove of cryptocurrencies due to extensive hacking. Despite a more than 50% decrease in the amount of money taken, there were 231 hacking instances in 2023 compared to 219 in 2022, according to Chainalysis.
What is tornado Cash Used for?
In order to obfuscate the course of cryptocurrency transactions and make it exceedingly difficult to track the source of the funds, crypto mixing techniques like Tornado Cash are employed. This allows exploiters to use the cash for money laundering purposes.
Has Kronos Capital been Hacked Before?
As soon as the hackers obtained the company’s application programming interface keys, they began to exploit Kronos Capital in November 2023. When the company first made its early disclosure, it denied any financial damage.
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