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The Hundred Finance Hacker Resurfaces with $7.4 Million Crypto Theft
The Hundred Finance hacker, responsible for the $7.4 million crypto theft, resurfaced on May 1 after a year of inactivity. Etherscan data revealed that a year ago, the hacker withdrew ETH and USDT worth about $800,000 that had previously served as liquidity on Curve.
Hacker Generates $1M Profit
Following the withdrawal, the hacker converted USDT and altcoins into Ethereum, increasing their Ether holdings by over $1 million. The hacker now holds a total of $6.48 million worth of crypto assets, including various cryptocurrencies in their Ethereum wallet.
Hundred Finance Security Breach and Exploits
Hundred Finance, a project on the Optimism blockchain, suffered a security breach in 2023, losing $7.4 million in assets. The criminal behind the attack managed to drain Hundred Finance’s lending pools through a combination of flash loans, critical rounding error, and smart contract manipulation.
Recent Developments in Crypto Theft
The movement of funds from the Hundred Finance attack is reminiscent of a recent incident involving the Poloniex security breach. The attacker behind the Poloniex breach transferred funds after months of dormancy, attempting to hide the origin of the assets.
Crackdown on Crypto Mixer and Regulatory Changes
Many analysts believe it might be challenging for the Hundred Finance hacker to conceal the origin of the assets or convert them to fiat without leaving a trace. With regulators tightening the screws on crypto users who hide their transaction histories, the use of crypto mixer services for money laundering is becoming increasingly difficult.
Recent arrests of individuals involved in crypto money laundering, such as the founders of Samourai Wallet and Tornado Cash, highlight the increased scrutiny on such services. Global regulators, including the European Parliament, are implementing new anti-money laundering regulations to combat illicit activities in the crypto space.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
