The peer-to-peer Bitcoin marketplace Noones, founded by former Paxful CEO Ray Youssef, may have been exploited for nearly $8 million, according to blockchain investigator ZachXBT.
In a Telegram post on January 24, ZachXBT detailed how suspicious transactions drained approximately $7.9 million from Noones’ hot wallets in early January. The funds were siphoned across multiple blockchains, including Ethereum, TRON, Solana, and BNB Chain, before being routed through Tornado Cash, a cryptocurrency mixer known for obfuscating the trail of stolen funds.
ZachXBT’s investigation revealed hundreds of small transactions, each under $7,000, which were used to move the funds in a coordinated manner. These transactions bridged the funds between Ethereum and BNB Chain before they were ultimately funneled into Tornado Cash, suggesting an effort to conceal the origin of the stolen assets.
Adding to the intrigue, the hack occurred around the same time Noones announced scheduled maintenance. However, no official statement has been made by Noones regarding the security incident, leading to speculation and concern in the crypto community.
Launched in 2023, Noones was founded by Youssef as a more community-oriented alternative to Paxful, his previous venture in peer-to-peer crypto trading. Youssef’s goal was to provide users with easier access to digital payments while avoiding some of the challenges he faced with Paxful. However, this latest exploit casts a shadow over the platform’s security and future operations.
As of now, Noones has not provided any updates on the situation or the potential impact on its users.
