Wed, May 08, 2024 at 17:05

• 

  Joy

  • Hey there, Annie!

  • Have you heard about the recent movement of Ethereum (ETH) stolen from Poloniex?

  • The hacker who looted the crypto exchange has started moving the stolen ETH to a mixing service called Tornado Cash.😱

  • 
• Annie

  • Oh my, really?😮 How much ETH are we talking about here?

  
• 

  Joy

  • Well, according to Arkham, a digital asset de-anonymizing platform, the hacker moved 1126.1 ETH worth more than $3.4 million into Tornado Cash across 20 transactions on Monday and Tuesday.

  • That's a lot of money!💸

• Annie

  • Wow, that's a huge amount!😲 But what's this Tornado Cash thing?

  • I've never heard of it before.

  
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• 

  Joy

  • Oh, Tornado Cash is an Ethereum-based crypto mixer.

  • It helps users conceal their digital assets.

  • So, it's like a digital laundry machine for cryptocurrencies.🌀

• Annie

  • I see...

  • So it's like a way for the hacker to hide their tracks then?🤔

  
• 

  Joy

  • Exactly!

  • You got it, Annie!👍 But here's the kicker: this isn't the first time Justin Sun-affiliated projects have been attacked.

  • There's been a string of attacks in the past several months.

• Annie

  • Really?😯 What other attacks happened?

  
• 

  Joy

  • Well, in September, hackers exploited the Sun-linked exchange giant HTX for approximately 4,999 Ethereum worth $7.9 million.

  • Then in November, hackers hit HTX and Heco Bridge, another Sun-linked project, for a combined $100 million.

  • And in January, hackers once again struck HTX with a DDoS attack that caused a brief outage.

  • It's been a rough few months for them!😓

• Annie

  • That sounds terrible...😔 So, is this news good or bad for the market?

  
• 

  Joy

  • Well, it's definitely not good news.

  • This kind of event can create a lot of uncertainty and fear in the market.

  • 

  • It might even lead to some investors pulling their money out of crypto.

  • So yeah, I'd say it's pretty bad news.😞

  • To sum up, this article is considered a 😱Bearish for investors!!