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Peckshield: $5.25 Million Drained From Hedera and Bridged to Ethereum in Suspected Exploit
Peckshield reports that about $5.25 million was stolen from the Hedera network and moved (bridged) to Ethereum, with the attacker's wallet funded via Tornado Cash and now holding ether and wrapped bitcoin.
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What happened
Peckshield reports that about $5.25 million was stolen from the Hedera network and moved (bridged) to Ethereum, with the attacker’s wallet funded via Tornado Cash and now holding ether and wrapped bitcoin.
Confirmed
Global impact / market context
The exploit highlights vulnerabilities in cross‑chain bridges, potentially shaking investor confidence in Hedera and similar platforms, and may lead to tighter security measures, affecting capital flows and the valuation of related blockchain assets.
Analyst inference
Cross‑chain bridges that move assets between networks have become frequent targets for hackers, raising concerns about the security of newer blockchains like Hedera and the safety of funds transferred to major chains such as Ethereum.
Analyst inference
What to watch
- Track the stolen ether and wrapped bitcoin on Ethereum for any large transfers or swaps that could indicate the attacker is cashing out the funds. Analyst inference
- Watch Hedera’s response, including any security patches or audits of its bridge technology, which could affect user confidence and future bridge usage. Proposed
- Monitor regulatory attention on crypto mixers like Tornado Cash, as increased scrutiny may impact how illicit funding routes are traced and blocked. Analyst inference
Affected assets
- ETH — Ethereum
- BTC — Bitcoin