The Uranium Finance Attacker Moves 2.5 Million BUSD to Ethereum Using Li.fi
The attacker behind the Uranium Finance hack has successfully transferred 2.5 million BUSD from the BNB chain to Ethereum using the Li.fi protocol, a DEX aggregator. This movement involved converting assets to 812 ETH and approximately $500,000 in stablecoins, according to On-chain analytics platform PeckShield Alert.
Transfer of Funds from Uranium Finance Hack
The primary address associated with the Uranium Finance hack in April 2021 has transferred a total of $3.1 million in BUSD to Ethereum. Initially, $10,000 BUSD was moved via Stargate, a cross-chain bridging protocol, but further tracking revealed additional transfers totaling 3.1 million BUSD.
Attacker’s Strategy and Wallet Holdings
The attacker distributed 500,000 BUSD across six transactions and another 100,000 BUSD in a separate transaction. These transactions were executed within an hour and sparked discussions within the crypto community. The exploiter’s BNB Chain address held over $15 million in assets, including BUSD and Wrapped BNB (WBNB), which have now been completely drained.
In addition, the exploiter’s Ethereum address contained 824 Ether worth $1.3 million at the time, along with smaller amounts of USDC and USDT. Notably, after transferring BUSD to Ethereum, 1,200 ETH (valued at $1.89 million) were moved to Tornado Cash through multiple transactions.
Pattern of Illicit Activities
This recent activity aligns with a pattern observed throughout the year, with previous transfers to Tornado Cash in preceding months. The exploiter has extracted $50 million in crypto assets by exploiting a flaw in the pair contracts of the protocol.
Increased Illicit Activities in 2024
Aside from the Uranium Finance hack, 2024 has seen an increase in illicit cryptocurrency activities. A phishing attack reported by Scam Sniffer resulted in a $4.20 million loss for the victim. The scam exploited ERC20 Permit signatures, granting scammers access to the victim’s assets.
Hot Take: Rising Threats in the Crypto Space
The Uranium Finance hack and the phishing attack illustrate the rising threats faced by crypto users. As criminals become more sophisticated, it is crucial for individuals to exercise caution and take necessary security measures to protect their digital assets. It is advisable to stay updated with the latest security practices and remain vigilant against potential scams and vulnerabilities in the crypto space.
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