Hinkal Protocol Hacked for Over 800,000 USDC in Privacy-Focused DeFi Heist

Hinkal Protocol, a DeFi project focused on privacy, has been hacked, resulting in an estimated loss of 822,000 USDC. The team confirmed suspicious activity and launched an investigation into the incident.

The hacker was first reported by analyst Specter, who noted that the attacker had already converted part of the stolen funds into Ethereum and sent them to the Tornado Cash mixer.

Data from PeckShield experts shows that the attacker laundered around $700,000. The hacker also converted another portion of the stolen funds into Bitcoin.