500,000 DAI Sent from DAO Maker Exploit in Tornado Cash, Security Analysts Report – Bitcoin News

On September 8, crypto security and smart contract auditing firm Certic sent 500,000 DAI through the Tornado cash mixing platform after the funds were stolen in August 2021. The digital assets first emerged from the DAO creator breach, which saw additional losses of more than $7 million in ERC20 tokens and stablecoins.

Address Directly Linked to DAO Maker Hack Sends 500,000 DAI in Tornado Cash

Although the US government has banned the Ethereum-based mingling app Tornado Cash, the app is still being used regularly. On Thursday, crypto security company Certic tweeted about DAI’s activity at 7:30 pm (ET). “We are seeing movement from 500,000 DAI to Tornado Cash from EOA 0x0B789,” Certik he said.. The address is directly linked to the DAO Maker exploit that stole the money. [the DAO Maker]. Goodbye there.”

500,000 DAI Sent from DAO Maker Exploit in Tornado Cash Security Analysts Report
Image shared by Sartik on September 8, 2022.

DAO Maker is a decentralized finance (defi) application and is not the same project as Makerdao, the stablecoin DAI issuer. Crypto-fueled fundraising protocol DAO Maker was hacked in August 2021, according to an Ask-Me-Anything (AMA) event involving DAO Maker CEO Christophe Zaknu. The hackers were able to withdraw $7 million in ERC20 tokens and stablecoins from 5,251 user accounts. At the time, blockchain company Cipherblade detailed that it was conducting an investigation into the DAO Maker exploit.

In addition to Certic, crypto security firm Peckshield has confirmed that it sent 500,000 DAI in Tornado Cash in August 2021 from a DAO Maker exploit. “DAO Maker exploiter found address posted to transfer 500K DAI to Tornado Cash,” PeckShield Alert System tweeted. It is mentioned. It’s been 32 days since the US Treasury Department’s Office of Foreign Assets Control (OFAC) blocked Tornado Cash.

OFAC’s move to ban Tornado Cash has come under fire over the Treasury Department’s decision. The nonprofit Coin Center, which focuses on policy issues, said on August 15 that OFAC’s Tornado Cash ban “exceeds the statutory authority” and that the organization plans to “join” with the Treasury watchdog. Additionally, Coinbase announced on September 8 that the company is “supporting a lawsuit filed by six individuals challenging the US Treasury Department’s Tornado Cash smart contracts.”

Tags in this story

7 million, Breach, Certic, Christoph Zaknun, Coincenter, Coinbase, crypto assets, crypto security, crypto security company Certic, DAI, DAI Tornado Cash, DAO Maker, ERC20s, exploit, fund, hack, OFAC, Office of Foreign Assets Control ( OFAC), Peckshield, Stablecoins, Tornado cash, Tornado cash mixer, Treasury Guardian

What do you think about the 500,000 DAI that was changed by the Tornado Cash platform from the DAO Maker Project? Let us know what you think about this in the comments section below.

Jamie Redman

Jamie Redman is the news lead at Bitcoin.com and a financial tech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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