Hinkal Confirms $797,000 in USDC Stolen in Attack, Promises Full Compensation

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Hinkal confirmed an ETH update: attackers drained 797,000 USDC from its Ethereum contract, converting it into 454 ETH. Approximately 410 ETH was sent to Tornado Cash, and 44.67 ETH was transferred to Bitcoin via THORChain. Hinkal has paused all contracts and is collaborating with security teams to trace the funds. The incident affected only Ethereum pools, with other chains remaining unaffected. The project will fully compensate users at a 1:1 ratio, with further details to follow. This ETH incident represents a major security event for the protocol.

Hinkal, a decentralized privacy protocol, has issued an update regarding a security incident, confirming that the attacker extracted approximately 797,000 USDC from its Ethereum contract and exchanged it for approximately 454 ETH. Of this, around 410 ETH was subsequently transferred to Tornado Cash, while the remaining 44.67 ETH were cross-chain transferred to the Bitcoin network via THORChain. The team is currently collaborating with external security firms to track the fund movements. Hinkal stated that the incident affected only the relevant Ethereum-based liquidity pools, with no impact on contracts on other chains; however, all contracts have been temporarily paused for remediation and security verification. All affected users will receive full 1:1 reimbursement, with details and timelines for the compensation process to be announced in future updates.

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