Summary: Nearly four years after Uranium Finance was cyberattacked to the value of $50 million, U.S. authorities have recovered $31 million of looted funds. The operation, led by the Southern District of New York and Homeland Security Investigations, is a significant milestone. Nevertheless, most of the stolen crypto remains untraced.
On April 4 years earlier, Uranium Finance, a Binance Smart Chain automated market maker, was hacked because of a vulnerability in its smart contract when Version 2.1 was launched. The hacker quickly transferred the looted assets via Tornado Cash and AnySwap, which made them hard to track.The money was also said to have been spent on buying some of the limited edition trading cards.
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The timing of the attack was indicative of an insider attack, as the project repository of contracts on GitHub went missing soon after. While the restitution of funds is some compensation, it still barely makes up for the losses made. This incident demonstrates how the authorities are increasingly capable of following stolen crypto back to its perpetrators, and that laundering is more and more hard for cyber criminals. But full justice remains unattainable for the vast majority of victim users.
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