The shadowy figure behind the infamous Poloniex hack of late 2023, though purportedly unmasked, has orchestrated a stunning feat of laundering, spiriting away more than $66 million out of the $100 million pilfered from the exchange. Utilizing the cloak of anonymity provided by the decentralized mixer Tornado Cash, the hacker deftly shuffled ill-gotten gains, rendering them virtually untraceable.

Blockchain intelligence firm PeckShield has shed light on this audacious move, revealing that a recent transaction funneled over 4,400 ETH (equivalent to approximately $12.8 million) into the abyss of Tornado Cash. This latest maneuver brings the tally of laundered funds to a staggering 22,200 ETH (roughly $66.3 million), underscoring the hacker's adeptness in navigating the murky waters of illicit financial transactions.

In a bid to stem the hemorrhage of stolen assets, Poloniex's beleaguered team reached out to the malefactor shortly after the breach, asserting that the hacker's identity had been confirmed. Offering a tantalizing $10 million bounty for the restitution of the funds, Poloniex wielded the threat of involving law enforcement agencies spanning multiple jurisdictions should cooperation not be forthcoming.

Despite the exchange's stern warnings of frozen assets, the hacker brazenly pressed ahead, washing away over half of the stolen funds in a mere week-long blitzkrieg of laundering activities in early May. Alarmingly, there have been scant public indications of Poloniex making headway in its efforts to freeze the illicitly obtained funds, leaving stakeholders and observers alike grappling with the implications of this audacious heist.

Meanwhile, signs of disarray within Poloniex's trading ecosystem have surfaced, with over 500 trading pairs languishing in a state of virtual dormancy. Shockingly, data reviewed by crypto.news reveals that approximately 53% of all listed pairs on the exchange exhibit negligible or zero daily trading activity as of May 13, painting a picture of a platform grappling with significant operational challenges.

Responding to queries from crypto.news, a Poloniex spokesperson attributed the stagnant trading activity to price fluctuations, citing the inherent volatility of crypto assets. However, the underlying reasons behind the conspicuous lack of trading engagement across numerous pairs remain shrouded in mystery, leaving stakeholders and industry observers clamoring for clarity amidst the turmoil engulfing Poloniex.