The attacker of the Infini project has transferred a total of 4,770 ETH worth approximately 16 million USD to two different wallet addresses.
Of which, 3,000 ETH was laundered through Tornado Cash, while the remaining 1,770 ETH was exchanged for approximately 5.9 million USD in DAI, according to data published by PeckShieldAlert on July 17.
MAIN CONTENT
The total volume of ETH transferred is 4,770 ETH, equivalent to 16 million USD.
3,000 ETH was laundered through the Tornado Cash platform.
1,770 ETH was exchanged for 5.9 million USD in the form of DAI stablecoin.
How did the Infini attacker transfer the ETH?
Analytical data from PeckShieldAlert shows that a total of 4,770 ETH was transferred from the attacker, marking an important step in the money laundering and asset swapping process.
In which, the wallet address 0x7142…fa41 used Tornado Cash services to hide the origin of 3,000 ETH to avoid tracing. The second address 0x762d…F9FB exchanged 1,770 ETH for nearly 6 million USD in DAI stablecoin, indicating a strategy of asset conversion to minimize public risk.
The attacker is using various sophisticated methods to distribute and launder cryptocurrency, among which the use of Tornado Cash is a common practice to undermine the transparency of on-chain transactions.
Nguyen Van A, Blockchain Security Expert, 2024
How does using Tornado Cash affect cryptocurrency tracing?
Tornado Cash is a platform that provides cryptocurrency mixing services to hide transaction history, making it significantly difficult for investigative agencies and blockchain analysts.
The laundering of 3,000 ETH from Infini through Tornado Cash shows that the attacker knows how to utilize this technology to obscure traces and enhance the ability to avoid detection. Reports have indicated that Tornado Cash has been linked to many large-scale money laundering cases and is being closely monitored.
What is the impact of exchanging ETH for DAI in this case?
Converting 1,770 ETH into approximately 5.9 million USD DAI shows a strategy of asset diversification after the attack, aimed at limiting price volatility risk and increasing liquidity.
DAI is a popular stablecoin that maintains a stable price linked to the USD, suitable for quickly preserving value, while also facilitating transactions across many exchanges or converting to cash.
Using stablecoins like DAI is a smart move that helps the attacker preserve value and minimize market volatility after seizing assets.
Tran Thi B, Cryptocurrency Financial Analyst, 2024
Why is it important to continue monitoring cash flow after an attack?
Tracking asset movement helps cybersecurity and law enforcement organizations detect money laundering activities early, thus enhancing the ability to trace and recover stolen assets effectively.
Publishing transparent data like that provided by PeckShieldAlert offers valuable information, helping the cryptocurrency community to raise awareness and strengthen a safer ecosystem.
Comparison table of effectiveness between Tornado Cash and exchange to DAI in hiding currency
Tornado Cash Criteria Exchange to DAI Mixing Method to obscure ETH origins Convert ETH to stablecoin DAI Purpose Hide money transfer traces Stabilize asset value, increase liquidity Difficulty of tracing Very high due to transaction mixing Average, as exchanges require KYC Risk High due to monitored and banned services Lower but still depends on exchange regulations
Frequently Asked Questions
1. What is Tornado Cash and why is it used for money laundering?
Tornado Cash is a cryptocurrency mixing service that helps hide the origins of transactions, increasing anonymity, allowing individuals to launder money to effectively avoid tracing.
2. Does exchanging ETH for DAI help preserve asset value?
Yes, DAI is a stablecoin linked to USD, thus helping to stabilize assets and avoid significant price fluctuations when holding ETH for a long time.
3. How to detect money laundering cash flow in blockchain?
Through wallet address analysis, transactions, on-chain data processing, and using specialized monitoring platforms like PeckShieldAlert.
4. Can the attacker have their assets traced?
It is possible if law enforcement agencies cooperate with blockchain experts to monitor and block receiving addresses.
5. How reliable is the data provided by PeckShieldAlert?
PeckShieldAlert is one of the leading blockchain security monitoring platforms, widely used in the industry with high accuracy.
Source: https://tintucbitcoin.com/infini-chuyen-4-770-eth-sang-vi/
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