Former TenX CEO denies affiliation with $11bn ETH DAO hack

Toby Hoenisch, co-founder and CEO of crypto debit card company TenX, has been accused of the 2016 DAO attack.

Journalist Laura Shin made allegations against him in an article published by Forbes stating he was behind the Ethereum (ETH) hack that would be worth over $11bn today.

The DAO raised 12.7 ETH (worth around $150m from crowdfunding at the time). In 2016, a third of the project’s funds were siphoned off.

In a joint investigation with analytics firm and blockchain data platform Chainalysis, Shin monitored and tracked the movement of the stolen funds, which in turn, led her to Hoenisch.

Shin discovered that the person who hacked the DAO had swapped the stolen ETH in exchange for bitcoin (BTC). The hacker then sent the BTC to a Wasabi Wallet which was then used in a process called ‘mixing.’

The transactions were able to be ‘de-mixed’ by Chainalysis which led them to trace them to four different exchanges.

Denying all allegations written in the article, Hoenisch said to the Shin that the “statement and conclusion is factually inaccurate”.

However, Shin had evidence of the BTC being exchanged to a privacy coin named Grin, which was then withdrawn to a non-custodial Grin node named ‘grin.toby.ai’.

Moreover, Hoenisch used the name ‘toby.ao’ in multiple social media accounts, even using it as one of his email addresses with his IP address also hosting another node; “TexX’, the name of Hoenisch’s company.

Shin wrote: “After being sent a document laying out the evidence that he was the hacker and asking for comment for my book, Hoenisch wrote that my conclusion is ‘factually inaccurate’.”

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Updated: 02/23/2022 — 12:00