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KyberSwap Hacker Initiates Asset Laundering via Tornado Cash

In a recent development involving the decentralized exchange (DEX) KyberSwap, the attacker responsible for the theft of $48.8 million USD has initiated actions to launder the stolen assets. According to blockchain data, on December 3rd, the attacker transferred 1,000 ETH to Tornado Cash in an apparent attempt to obfuscate the origin of the funds.

The assailant executed a transfer of nearly 3,010 ETH from the Arbitrum network to the Ethereum network. Subsequently, using numerous small transactions valued at 100 ETH each, the hacker funneled a total of 1,000 ETH into Tornado Cash. This move represents the first response from the attacker following their previously rejected demands.

Earlier on November 30th, the KyberSwap attacker broadcasted a message across linked addresses to all involved and interested parties. The message outlined specific demands, including complete control over the company’s operations, ownership and temporary governance rights of the KyberDAO mechanism, as well as comprehensive information pertaining to the establishment, structure, operations, revenue, profits, expenses, assets, liabilities, investors, salaries, and other aspects of Kyber’s entity.

Subsequently, Kyber indirectly rebuffed the hacker’s singular proposal.

In response to the breach, Kyber Network has made the decision to allocate funds to fully compensate users for 100% of the lost asset value resulting from the attack. Users affected will be reimbursed an amount equivalent to the value of their lost assets at the time of the incident. The detailed compensation process is set to be disclosed within the next two weeks. Additionally, Kyber Network has pledged to collaborate closely with law enforcement agencies to track down the mastermind and reclaim the embezzled funds.

This incident marks a significant challenge for KyberSwap and the broader decentralized finance (DeFi) ecosystem, highlighting the vulnerabilities within these decentralized systems. The efforts to mitigate the impact on affected users and the pursuit of the perpetrator underscore the commitment to maintaining trust and security within the decentralized financial landscape.

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