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ETH Notional Finance escrow contract was hacked and approximately US$1.7 million was stolen
A escrow contract of Notional Finance was suspected to have been used, resulting in the theft of approximately US$1.7 million in assets. In just a few hours after the funds were transferred out, the stolen stablecoins had been converted to Ethereum (ETH) and transferred to the Tornado Cash mixer.
The assets affected include approximately 69,242 DAIs and 1.658 million USDC units, with a total loss of nearly US$1.73 million. Investigators have targeted two addresses related to the theft: 0xC954... De69 and 0xDaCC... Ce38。
stablecoins were converted into 689 ETH
The stolen DAI and USDC were first merged and converted into approximately 689 ETH, and the funds then flowed into Tornado Cash. Notional's custody structure is responsible for processing deposits, withdrawals, account balance management, transaction collateral, settlement and clearing functions. On-chain evidence shows that the stolen assets originated from a custody contract, but the technical root cause of the withdrawal has not yet been determined, that is, which feature or authorization path is vulnerable.
Existing trading clues point to unauthorized withdrawals from Notional escrow contracts, but the specific failure mechanism remains unclear. Crypto Adventure contacted Notional Finance to confirm the specific contracts affected, root causes and potential user risks, but received no response at press time.
Tornado Cash receives stolen ETH
The operation of converting assets to ETH separated the stolen value from DAI and USDC, and the attacker then deposited the assets in Tornado Cash. The deposit operation of the money mixer cuts into a direct public connection between the original wallet and subsequent withdrawal addresses, making subsequent tracking dependent on additional on-chain activity or interactions with identifiable services.
Similar money laundering routes have emerged in other recent DeFi thefts. For example, the people behind the Hinkal vulnerability first converted approximately 797,000 USDC into ETH, then routed 410 ETH through Tornado Cash, and converted another portion of the funds into Bitcoin through THORChain.
This incident occurred just days after a larger Tectonic vulnerability on the Cronos network. In the incident, unauthorized borrowing caused approximately $74 million in losses, and ETH associated with the attackers had begun to enter Tornado Cash.
Notional previously closed its V3 version due to Balancer losses.
Notional suffered another major blow in November 2025, when the Balancer V2 vulnerability caused bad debts to be generated in leveraged vaults on Ethereum and Arbitrum. This damage forced Notional V3 to be fully suspended, affected leveraged vault users lost their positions, and ETH lenders suffered losses on principal write-downs.
Since then, Notional launched the Exponent product in January 2026 as a new leveraged income structure.
As of the early morning of September 4, the latest stolen address had converted the stolen stablecoins into approximately 689 ETH and deposited the funds in Tornado Cash.
