Privacy Protocol Hinkal hacked; 797,000 USDC stolen and converted to 454 ETH

According to ME News, on July 4 (UTC+8), the decentralized privacy protocol hinkal released an update on the recent security incident, confirming that the attacker exploited a vulnerability to extract approximately 797,000 USDC from an Ethereum smart contract and converted all of it into 454 ETH. Of this amount, 410 ETH were subsequently transferred to Tornado Cash, while approximately 44.67 ETH were cross-chain transferred to the Bitcoin network via THORChain. The project team is currently collaborating with external security firms to continuously track the stolen funds. hinkal stated that this attack affected only the Ethereum chain’s liquidity pools, with no asset theft occurring on other public blockchains. To address the vulnerability and complete a comprehensive security audit, all of the protocol’s smart contracts have been temporarily suspended. hinkal has committed to fully reimbursing all affected users at a 1:1 ratio; the complete reimbursement process and timeline will be announced separately. (Source: PANews)