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The Uranium Finance attacker transferred 2.5 million BUSD from the BNB chain to ethereum (eth) using Li.fi.
On January 22, on-chain analytics platform PeckShield Alert reported transferring 2.5 million BUSD from the BNB chain to ethereum, leveraging the Li.fi protocol, a DEX aggregator. This move involved converting assets to 812 eth and approximately $500,000 in stablecoins.
Originating from the notorious Uranium Finance hack in April 2021, the main address associated with the incident transferred a total of $3.1 million in BUSD to ethereum. Peck Shield's initial report indicated the movement of $10,000 BUSD through Stargate, a cross-chain bridging protocol. Further monitoring revealed additional transfers totaling 3.1 million BUSD.
The attacker's strategy involved distributing 500,000 BUSD in six transactions and 100,000 BUSD in another. The batch of transactions, executed within an hour, sparked discussions in the crypto community.
The exploiter's BNB chain address had over $15 million in assets, which included BUSD and Wrapped BNB (WBNB). At the time of writing this article, the wallet It was completely drained.
Additionally, the exploiter's ethereum address had holdings of 824 Ether, valued at $1.3 million at the time, along with smaller amounts of USDC and USDT. Notably, shortly after the transfer of BUSD to ethereum, 1,200 eth (valued at $1.89 million) were moved to Tornado Cash, a cryptocurrency mixer. This was executed through 12 transactions of 100 eth each.
These activities aligned with a pattern seen throughout the year, including several transfers to Tornado Cash in the preceding months. The first of these occurred in March, and involved a different address to move 2,250 eth to the mixer. In total, the exploiter extracted $50 million in cryptoassets by taking advantage of a flaw in the protocol's pair contracts.
On a related note, 2024 has seen a rise in illicit cryptocurrency activities. A notable phishing attack, ethereum-phishing-scam-create2-exploited%2F” target=”_blank” rel=”noopener”>reported by Scam Sniffer, resulted in a loss of $4.2 million for the victim. The scam leveraged ERC20 permission signatures, allowing scammers to access the victim's assets.
