Coinbase Heist: $24 Million ETH Laundered Using Tornado Cash

Following a major theft from Coinbase of over $300 million, hackers have begun transferring illicit funds through the Ethereum mixing service Tornado Cash. Blockchain analysis reveals that 5,514 ETH, worth $24.04 million, has already been funneled through this platform. This case highlights the growing risks in cryptocurrency security and the ongoing challenges of combating financial crimes using privacy-enhancing technologies. While authorities have yet to identify suspects or release official statements regarding their response, these actions raise concerns about decentralized finance’s vulnerability to money laundering.