Kyber Network Exploit: Hacker Uses Tornado Cash to Launder $1.65 Million in Stolen ETH

• The Kyber Network hacker transferred 600 ETH via Tornado Cash.
• ETH dropped 2.9% in the past 24 hours and trades at $2,644.
• Kyber Network’s KNC token has dropped 92% from its all-time high.

The hacker who targeted Kyber Network, a prominent blockchain project and a multi-chain hub of liquidity protocols, has sent $1.65 million in Ethereum (ETH) through Tornado Cash, an Ethereum mixing protocol that’s caught the eye of regulators around the globe due to its use by scammers and hackers.

PeckShield, a blockchain analysis platform, first reported the transfer of funds on X. The exploiter’s wallet sent 600 ETH to Tornado Cash, where it was mixed with crypto from other sources, making it difficult for law enforcement to track the funds.

KyberSwap Exploit Still Haunts Project

In November of last year, attackers stole $47 million from Kyber Network’s KyberSwap, a multi-chain DEX aggregator, across multiple networks. The protocol’s total value locked (TVL) dropped 90%. After the hack, the project asked its users to immediately withdraw funds and started investigating the exploit.

Selling ETH might impact the price of the world’s second-largest digita…

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