Connect with us

News

Kronos Research hacker moves $3.7M to Tornado Cash after Ethereum price surge

The hacker responsible for the Kronos exploit has moved a significant portion of the stolen Ethereum (ETH) to Tornado Cash, a privacy-focused cryptocurrency mixing service. This action is raising concerns within the crypto community about the difficulties in tracking and recovering the stolen assets.

Published

on

The hacker responsible for the Kronos exploit has moved a significant portion of the stolen Ethereum (ETH) to Tornado Cash, a privacy-focused cryptocurrency mixing service. This action is raising concerns within the crypto community about the difficulties in tracking and recovering the stolen assets.

According to blockchain analysis, the hacker transferred approximately 400 ETH, valued at around $600,000, to Tornado Cash. This service enables users to obfuscate the origins of their cryptocurrency, making it challenging for authorities and blockchain analysts to trace the funds.

The Kronos exploit, which occurred last month, resulted in the theft of over $1 million in Ethereum. The hacker’s latest move to use Tornado Cash underscores the persistent challenges in securing the crypto ecosystem and recovering stolen funds.

Blockchain security firms have been closely monitoring the hacker’s wallet activities. “The transfer of stolen ETH to Tornado Cash complicates our efforts to trace and recover the funds. It highlights the need for enhanced security measures and regulatory oversight in the crypto space,” said a representative from a leading blockchain security firm.

Tornado Cash, while legal and used for legitimate privacy purposes, has often been criticized for its potential misuse by cybercriminals to launder stolen cryptocurrencies. The service mixes transactions in a way that conceals the trail, making it an attractive tool for illicit activities.

The Kronos team has urged the community and exchanges to be vigilant and report any suspicious activities related to the stolen funds. They are also working with law enforcement agencies to track the hacker and recover the assets.

This incident is a stark reminder of the ongoing security risks in the cryptocurrency sector. It underscores the importance of robust security practices and the need for continuous improvement in regulatory frameworks to protect investors and maintain trust in the digital asset market.

In summary, the Kronos hacker’s transfer of stolen ETH to Tornado Cash highlights significant challenges in tracking and recovering stolen cryptocurrencies. This development calls for enhanced security measures and regulatory oversight to safeguard the integrity of the crypto ecosystem.

Business

Binance tightens South African compliance rules for crypto transfers

Published

on

Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

Continue Reading

Business

Ethereum bounces back as market dominance recovers from all-time low

Published

on

Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

Continue Reading

Business

SEC says it won’t re-file fraud case against Hex’s Richard Heart

Published

on

The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk