Certik, a blockchain analysis firm, said in a X post dated June 19, 2025, notes that the MIM exploiters have transferred 3001 Ethereum to Tornado Cash from the address 0x51baB. This movement suggests efforts to launder the stolen funds.
The post notes, “ The MIM_Spell exploiter has just sent 3001 ETH (~$7.57M) to Tornado Cash from 0x51baB.”
It is worth noting that the hack involved a third-party smart contract, which has since been reviewed, patched, and secured; all the affected users have reportedly received full reimbursements.
The hack was worth millions of Ethereum; the recent transfer has raised speculations of money laundering using crypto mixer Tornado Cash.
MIM hack explained
In simple words, MIM hack refers to a security breach involving the MIM Spell Project, a decentralized finance protocol operated by Abaracadabra, which issues the Magic Internet Money stablecoin.
The hack was reported on March 25, 2025, which resulted in a loss of 6,261.13 ETH; as per Certik, the exploiters borrowed funds without them and liquidated positions, exploiting a flaw where the liquidation process did not overwrite records, allowing false borrowing.
Over the past few years, hacks on exchanges has became more common, according to a document by Certik dated March 27, 2025, “ The MIM team have reached out to the attacker to offer a 20% bounty, double the standard 10% offered in many exploits, in exchange for the return of the funds. If accepted, the offer would see around
KaTeX can only parse string-typed expressions 10.4 M returned whilst the exploiter would keep around 2.6 M.”
When writing the balance of 0x51baB is 0.837077620826194756 ETH, and the address ‘ 0x018182FD7B856AeE1606D7E0AA8bca10F1Cb0b5d’ has ETH of $0.03, and ‘ 0x88E76bcFa300E5D283EFda2035E2158Ff17c4823’ has 0.000003898282815 ETH in balance.
What are crypto mixers?
In simple words, crypto mixers, referred to as mixing or tumbling services, are tools or services designed to enhance the privacy of crypto transactions by obfuscating the link between the sender and receiver.
Users send their crypto to the mixer’s address, where these funds are combined with other users’ crypto in a shared pool. The mixer service shuffles the funds, breaking the direct link between the sender and receiver addresses.
There are dozens of known crypto mixing services, but Tornado Cash and Rail Gun stand apart from the list because of their massive user base.
Until publishing, the crypto market capitalization was $3.25 trillion with a surge of 0.25%, and the trading volume was $106.79 billion.
The crypto fear and greed index was at 48, indicating neutrality, and Bitcoin is still trading below $106k at $104,311, and Ethereum is near $2,600.
