ChainCatcher report: The decentralized privacy protocol hinkal has issued an update on the security incident, confirming that the attacker extracted approximately 797,000 USDC from its Ethereum contract through a series of transactions and exchanged it for approximately 454 ETH. Of this, around 410 ETH was subsequently transferred to Tornado Cash, while the remaining 44.67 ETH was 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 impact of this incident is limited to the related Ethereum chain liquidity pools; contracts on other chains remain unaffected. However, all contracts have been temporarily paused for remediation and security verification. All affected users will be fully reimbursed on a 1:1 basis, with details on the compensation process and timeline to be announced in future updates.
Hinkal Confirms $797K in USDC Stolen in Attack, Promises Full Compensation
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Summary
Hinkal confirmed an ETH update: attackers drained 797,000 USDC from its Ethereum contract and converted it into 454 ETH. Of this, 410 ETH was sent to Tornado Cash, and 44.67 ETH was transferred to Bitcoin via THORChain. Hinkal is collaborating with security teams to trace the funds. The incident affected only Ethereum pools, with other chains remaining unaffected. All contracts have been paused for remediation. Hinkal will fully compensate users on a 1:1 basis, with further details to follow. This ETH incident underscores the ongoing security challenges in DeFi.
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