Image of Hacker Moving $10M from 2023 Phishing Incident to Tornado Cash in Web 3.0 World
Hacker moves $10M from 2023 phishing incident to Tornado Cash

Hacker AI Moves $10 Million in ETH to Tornado Cash in Phishing Attack

In September 2023, a phishing attack resulted in the transfer of $10 million in Ether (ETH) to the crypto-mixing protocol Tornado Cash by an account linked to the incident. This news comes after blockchain security firm CertiK flagged the account on March 21 for transferring 3,700 ETH, which was stolen in a $24 million hack. The victim, a crypto whale, lost their funds in a phishing incident on September 6, 2023.

The hack was carried out in two transactions, with one taking 9,579 stETH and the other draining 4,851 rETH from the victim’s account. According to Scam Sniffer, the victim unknowingly signed an “Increase Allowance” transaction, giving the hacker permission to spend their ERC-20 tokens through smart contracts.

Web 3.0 and Its Impact on Business

With the rise of Web 3.0, businesses must adapt to a new era of technology. Unlike its predecessor, Web 2.0, which focused on user-generated content and social media, Web 3.0 is built on blockchain technology and artificial intelligence (AI). This means that businesses must learn how to utilize these tools in order to stay competitive and thrive in the new digital landscape. Learning about Web 3.0 and its differences from Web 2.0 is crucial for businesses to understand how to invest and build a successful Web 3.0 website.

The Impact of Web 3.0 on Crypto Security and Phishing Scams

The concept of token allowances has been a hot topic in the crypto community, with concerns about the potential for malicious smart contracts to be used in scams.

PeckShield, a blockchain security company, recently reported an attack in which the hacker stole 13,785 ETH and 1.64 million Dai (DAI). The stolen DAI was then transferred to the FixedFload exchange, while the majority of the stolen funds were moved to other wallets.

Crypto phishing scams continue to be a major issue in the industry. According to Scam Sniffer’s report, nearly $47 million was lost to phishing attacks in February alone.

The report also revealed that 78% of these thefts occurred on the Ethereum network, with ERC-20 tokens accounting for 86% of the stolen assets.

The Impact of Web 3.0 on Crypto Users and Recent Hacks

Hackers and artificial intelligence have been causing significant losses for crypto users, with recent breaches resulting in millions of dollars stolen. On March 20, the Dolomite exchange fell victim to an exploit that drained $1.8 million from users through an old contract. This attack targeted users who had previously given approvals to the contract, highlighting the potential risks associated with token approvals.

To mitigate further damage, Dolomite’s development team urged users to revoke approvals for the old contract address. However, not all attacks result in significant losses. On the same day, the Layerswap protocol was able to prevent a breach of its website thanks to intervention from its domain provider. Despite this, the hackers were still able to steal $100,000 from 50 users. The protocol has promised to refund the affected users and provide additional compensation for the inconvenience.

As the development of web 3.0 continues, it is essential for crypto users to stay informed and educated on how to navigate this new landscape. With the rise of blockchain technology and AI, web 3.0 is set to revolutionize the way we interact with the internet. Compared to its predecessor, web 2.0, web 3.0 offers increased security, privacy, and decentralization. This shift will have a significant impact on businesses and individuals, making it crucial to learn about web 3.0 and how to invest in it.

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