A recent on-chain investigation indicates a hacker plundered $29 million worth of the Solana (SOL) rival Sui (SUI) from a single victim last month.
The on-chain sleuth ZachXBT uncovered the hack, which he notes occurred on December 12th.
“The stolen funds were bridged from Sui to Ethereum via Bridgers and then deposited to Tornado Cash in batches…
The victim transferred their .sui domains to a new uncompromised address shortly after the theft. Current limitations with Sui block explorers and Sui analytics tools make the theft difficult to trace.”
Tornado Cash is an Ethereum (ETH)-based coin mixing system that helps users conceal their digital assets. The US sanctioned the controversial project in 2022 for national security purposes.
Losses from crypto hacks and scams surged in 2024, according to the blockchain security firm PeckShield.
The firm said earlier this month that the total value loss in the crypto sector last year exceeded $3.01 billion, a 15% increase from the 2023 total.
That number included $2.15 billion stolen in hacks and $834.5 million looted in scams. PeckShield also noted that $488.5 million worth of crypto was recovered.
Despite the surge in digital asset losses last year, 2024 still wasn’t as prolific as 2022, which clocked $3.6 billion worth of value loss across the sector.
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