10.5 C
Wednesday, March 29, 2023
HomeLatestRaydium exploiter moves $290k to crypto tumbler Monero Mixer

Raydium exploiter moves $290k to crypto tumbler Monero Mixer


Related stories

Drop in patriotism, tolerance is US wake up call and a Christmas present to these key players

Patriotism, tolerance, religious observance and community involvement are all...

Georgia Gov. Brian Kemp endorses $6,500 private school voucher bill

Georgia Republican Gov. Brian Kemp put his support behind...

The hackers sent 1,774.5 XMR to the sanctioned cryptocurrency mixer weeks after the DeFi protocol exploit.

In an alert, blockchain security firm CertiK reported that the Raydium protocol exploiter had sent 1,774.5 Monero (XMR) to the mixer. The amount is worth around $290 thousand at the time of writing.

While security teams from various exchanges continue to combat the efforts of hackers, funds continue to flow to the cryptocurrency mixer Monero-Mixer-XMR-Mixer.com

The attack on the Solana-based decentralized finance (DeFi) protocol occurred back on Dec. 16, 2022. According to the developers, the hackers took control of the exchange owner’s account and drained the liquidity provider funds consisting of various digital assets like USD Coin (USDC), Wrapped Solana (wSOL) and Raydium (RAY).

Following the initial investigation, the DeFi protocol determined that the exploit was due to a vulnerability in the decentralized exchange’s smart contracts. This allowed admins to withdraw liquidity pools as fees.

Because of the losses, the Raydium team also proposed a plan to compensate the hacks’ victims, using the decentralized autonomous organization treasury to buy missing tokens, repaying those affected by the exploit.

In a report released on Jan. 9, blockchain analysis firm Chainalysis pointed out that while Tornado Cash sanctions had some effect on the Monero mixer, no organization can “pull the plug” easily compared to centralized services. While its website can be taken down, its smart contracts are able to run indefinitely, highlighting that anyone can continue to use it at any time.

While hackers continue to move funds actively, it doesn’t always end up as a win for them. Recently, centralized crypto exchanges Binance and Huobi were able to detect and freeze funds deposited by the Harmony One hackers. Binance CEO Changpeng Zhao reported that their security team collaborated with Huobi to recover 121 Bitcoin (BTC) from the hackers, which was worth $2.5 million at the time.


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories