M2 Exchange Hacker Launders $12.8M ETH Through Tornado Cash After $14M Heist

Following a $14 million exploit at M2 Exchange, the hacker has laundered 4,010 ETH ($12.8 million) using Tornado Cash. The incident underscores the difficulty of tracking stolen assets within DeFi, as mixing services like Tornado Cash continue to complicate transaction tracing.

On October 31, M2 Exchange fell victim to a substantial security breach, losing approximately $14 million in various cryptocurrencies. The attacker, whose address has been identified, has since laundered 4,010 ETH — valued at roughly $12.8 million — through Tornado Cash, a well-known mixing platform for obscuring crypto transactions.

Blockchain security firm PeckShield highlighted the laundering activities, drawing attention to how DeFi vulnerabilities and mixing platforms create a challenge for tracing illicit funds. Tornado Cash has faced scrutiny for its privacy-centric model, which anonymizes transactions by combining multiple transfers, rendering it difficult to trace individual sources and destinations.

This incident highlights the ongoing risks and challenges in the decentralized finance (DeFi) sector, where security breaches and the use of obfuscation services complicate asset recovery. As DeFi continues to expand, calls for greater security and regulatory oversight of mixing services grow, especially as they become tools for concealing illicit activities.

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