Kyber Community Exploit: Hacker Makes use of Twister Money to Launder $1.65 Million in Stolen ETH

• The Kyber Community hacker transferred 600 ETH by way of Twister Money.
• ETH dropped 2.9% up to now 24 hours and trades at $2,644.
• Kyber Community’s KNC token has dropped 92% from its all-time excessive.

The hacker who focused Kyber Community, a outstanding blockchain challenge and a multi-chain hub of liquidity protocols, has despatched $1.65 million in Ethereum (ETH) by means of Twister Money, an Ethereum mixing protocol that’s caught the attention of regulators across the globe because of its use by scammers and hackers.

PeckShield, a blockchain evaluation platform, first reported the switch of funds on X. The exploiter’s pockets despatched 600 ETH to Twister Money, the place it was blended with crypto from different sources, making it troublesome for regulation enforcement to trace the funds.

KyberSwap Exploit Nonetheless Haunts Venture

In November of final 12 months, attackers stole $47 million from Kyber Community’s KyberSwap, a multi-chain DEX aggregator, throughout a number of networks. The protocol’s whole worth locked (TVL) dropped 90%. After the hack, the challenge requested its customers to instantly withdraw funds and began investigating the exploit.

Promoting ETH may affect the value of the world’s second-largest digital asset, which has already fallen 2.9% over the previous 24 hours. At present, the cryptocurrency is buying and selling at $2,644.61, down 45.78% from its all-time excessive of $4,891.70.

Learn additionally : Bitfinex Hacker Faces 5 Years, Prosecutors Search to Deter Crypto Crime

After Bitcoin (BTC) recovered to $69,000 after which dropped to $67,000, ETH additionally rose to $2,700 after which confronted resistance close to $2,800. This implies ETH as soon as once more failed to interrupt above the $3,000 value stage.

KNC Worth Nosedives

Kyber Community’s native token, KNC, has fallen sharply and is buying and selling at $0.4506. The altcoin’s market cap is $83 million, and it’s ranked 423 on CoinMarketCap. KNC has tumbled 30% since October of final 12 months and is down 9% over the previous seven days.

Learn additionally : WazirX Hackers Are Nonetheless at It – One other $12M Vanishes into Twister Money

KNC is buying and selling at a major low cost of 92.04% to its all-time excessive of $5.72 which was witnessed in April 2022 when the crypto market entered right into a bearish section.