Originally published on: September 06, 2024
The recent theft of $27 million in cryptocurrency from the decentralized finance (DeFi) protocol Penpie has garnered attention, with the hacker responsible receiving praise from an unexpected source.
In a daring exploit on September 3, Penpie fell victim to an attack resulting in the loss of digital assets totaling $27 million. Following the breach, the DeFi platform took swift action by suspending all deposits and withdrawals. Shockingly, within hours of the hack, the hacker transferred $7 million in assets to the crypto mixer Tornado Cash.
Crypto mixers like Tornado Cash are known for blending digital asset transactions with a large pool of other funds to obfuscate the origins of the transferred funds. While these services are often used for privacy reasons, hackers frequently exploit them to launder money obtained through illicit means.
In a surprising turn of events, the perpetrator behind the infamous $195 million flash loan attack on Euler Finance in March 2023 reached out to the Penpie hacker with a message of admiration. The fellow cybercriminal commended the decision to retain the stolen funds, acknowledging the audacity of the act.
Conversely, the Euler Finance hacker, who attempted a similar maneuver by returning only a portion of the stolen funds, faced consequences for their actions. The lending protocol demanded the return of 90% of the stolen assets and even offered a $1 million reward for information that could lead to the hacker’s arrest.
Ultimately, the Euler Finance hacker agreed to return all recoverable funds on April 4, 2023, resulting in the recovery of 90% of the stolen amount. With this resolution, the Euler Foundation ceased its campaign to capture the hacker and discontinued the $1 million reward initiative.
The cybersecurity landscape has been fraught with challenges, as evidenced by the over 9,000 victims who fell prey to crypto phishing scams in August. Despite a decrease in the number of victims compared to the previous month, the amount stolen surged by 215%, with one large-scale attack accounting for a substantial portion of the $63 million loss.
In a brazen move on August 20, a wallet owner unwittingly signed off on a malicious transaction transferring ownership of 55 million Dai to scammers, enabling them to abscond with the funds undetected.
Stay informed about the latest cybersecurity incidents and emerging trends in the cryptocurrency space with Asia Express: WazirX hackers prepped 8 days before attack, swindlers fake fiat for USDT. Stay tuned for more updates and insights on the evolving cybersecurity landscape.
