tl;dr
Blockchain experts on Crypto Twitter are focusing on CertiK's researchers, who reportedly transferred funds to a blacklisted crypto mixer after obtaining them from Kraken. Kraken's CSO, Nick Percoco, stated that the exchange was treating the $3 million in lost crypto as a criminal case. CertiK claim...
Crypto Twitter’s blockchain sleuths are focused on CertiK's researchers, who reportedly sent funds to a blacklisted crypto mixer after obtaining them from Kraken. Kraken's CSO, Nick Percoco, stated that the exchange was treating the $3 million in lost crypto as a criminal case. CertiK claimed responsibility for the exploit, asserting that it prevented substantial losses for Kraken. However, Kraken criticized CertiK for not promptly returning the funds and for engaging with a U.S.-banned crypto mixer, Tornado Cash.
The link between CertiK's hack and Tornado Cash was highlighted by blockchain sleuths, raising legal and sanction concerns. The U.S. government had blacklisted Tornado Cash, citing its use by North Korea's hacking group Lazarus. CertiK, a New York-based crypto security firm, sent funds to Tornado Cash on the Polygon network, but the deposit address used is still listed on OFAC's website. Kraken confirmed that the funds were returned, except for the amount lost to fees.
Blockchain experts scrutinized CertiK's researchers, who allegedly transferred funds to a blacklisted crypto mixer after executing what they claim was a white-hat hack. Kraken's CSO, Nick Percoco, declared that the exchange was treating $3 million in lost crypto as a “criminal case.” A group that had exploited a bug, since patched, was able to “print assets in their Kraken account.”
While notable blockchain sleuths initially raised legal concerns for CertiK—siphoning $3 million from Kraken’s treasury to prove the exploit—sanction concerns have since emerged. Engaging with the U.S.-banned crypto mixer Tornado Cash could create a “huge burden” for the firm, Cinneamhain Ventures Partner Adam Cochran wrote in a tweet.
The U.S. government blacklisted Tornado Cash in August 2022, banning American citizens from transacting with the Ethereum coin-mixing tool. Several Ethereum wallet addresses were added to the Specially Designated Nationals List, maintained by the Office of Foreign Assets Control (OFAC), a division of the U.S. Treasury Department.
CertiK’s researchers sent funds to Tornado Cash on the Polygon network. However, the deposit address used is still listed on OFAC’s website. Launched in 2019, Tornado Cash allows users to mask the origin and destination of their transactions by pooling together large amounts of cryptocurrency.
An expert in blockchain security told Decrypt that researchers should always do as little as possible to prove that a project can be exploited. They expressed concern over taking a multi-million-dollar haul as part of a bug bounty, drawing a comparison to breaking into a bank vault and engaging in illicit activities.
In an update, Kraken’s Percoco wrote Thursday that the funds it had lost were successfully returned—aside from those that were lost due to transaction fees.
More about C3 Ai Inc
C3 Ai Inc (C3) operates in the Technology sector and offers prepackaged software services. The company's market cap stands at 3,477,068,000 with no dividend yield. The stock's price change percentage over the last 52 weeks was -2.34%, with a beta of 2.602. C3's price-to-earnings ratio is -0.901, and its total outstanding shares amount to 310,582,000. The stock's latest closing price was 29.35, with a 50-day moving average of 0 and a 200-day moving average of 0.196.
More about Forum Energy Technologies Inc
Company: Forum Energy Technologies Inc
Industry: Oil & Gas Field Machinery & Equipment
Market Cap: 206.858B
Headquarters: Houston, Texas
Current Price: $70.19
Price Change: -2.36
Price Change (%): -3.42%
Volume: 752.299M
RSI: 30 (Oversold)
Bollinger Bands: -0.578 (Bearish)
Support Level: $70.071
More about GameStop Corp
GameStop Corp. is a company headquartered in Grapevine, Texas, operating within the retail-computer and computer software stores industry. With a market capitalization of $10.74 billion and a stock price of $315.09, the company currently shows a neutral stance with no significant change in the stock price. The Relative Strength Index (RSI) stands at 16.1, indicating an oversold position. The stock has shown a minimal price change of 0.08 and a small percentage change of 0.0051. The trading volume is at 4,917,500,000, reflecting significant investor interest. The company's stock has a beta of 8.38, signifying high volatility. The stock's 50-day moving average is at 0.259, while the 200-day moving average is at -0.287, suggesting a potential bearish trend in the stock's performance.