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Uranium Finance Hacker Executes $2.5M BUSD Transfer To Ethereum
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Uranium Finance Hacker Executes $2.5M BUSD Transfer To Ethereum

The Uranium Finance hacker has transferred 2.5 million BUSD from the BNB chain to Ethereum (ETH) using Li.fi.

On Jan. 22, On-chain analytics platform PeckShield Alert reported the transfer of 2.5 million BUSD from the BNB Chain to Ethereum, leveraging the Li.fi protocol, a DEX aggregator. 

This movement involved the conversion of assets to 812 ETH and approximately $500,000 in stablecoins.

Originating from the notorious Uranium Finance hack in April 2021, the primary 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 via Stargate, a cross-chain bridging protocol. Further tracking revealed additional transfers totaling 3.1 million BUSD.

The attacker’s strategy involved distributing 500,000 BUSD across six transactions and 100,000 BUSD in another. 

The batch of transactions, executed within an hour, sparked discussions in the crypto community.

See Also: Trezor Security Breach: Only User Data Are Exposed, Digital Assets Are Safe

The exploiter’s BNB Chain address held over $15 million in assets, comprising BUSD and Wrapped BNB (WBNB). At the time of writing, the wallet was completely drained.

Additionally, the Ethereum address of the exploiter boasted holdings of 824 Ether, valued at $1.3 million at the time, along with smaller amounts of USDC and USDT. 

Notably, soon after the BUSD transfer 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 observed throughout the year, including several transfers to Tornado Cash in the preceding months. 

The first of these occurred in March, involving a different address to move 2,250 ETH to the mixer. In total, the exploiter extracted $50 million in crypto assets by exploiting a flaw in the pair contracts of the protocol.

On a related note, 2024 has witnessed increased illicit cryptocurrency activities. A notable phishing attack, reported by Scam Sniffer, resulted in a $4.20 million loss for the victim. 

The scam exploited ERC20 Permit signatures, allowing scammers access to the victim’s assets.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.