Noones, the Bitcoin-based P2P marketplace founded by Paxful’s former CEO Ray Youssef, appears to have suffered a major attack in January 2025.

Blockchain researcher ZachXBT, in his post on Telegram on January 24, 2025, revealed that Noones lost approximately $ 7.9 million from hot wallets on Ethereum, TRON, Solana and BNB.

The incident occurred due to suspicious outflows and the funds were mixed through Tornado Cash, causing their traces to be lost.

Regarding this incident, ZachXBT stated that funds were leaked through hundreds of transactions of less than $7,000 each. After these transactions were moved between Ethereum and BNB Chain, they were routed to Tornado Cash.

Tornado Cash is a crypto mixer often used to disguise stolen funds. Crypto enthusiasts and blockchain sleuths often hear the name of Tornado Cash in cases of money laundering and other illegal activities.

The timing of the event is also noteworthy. Noones had announced maintenance work just before the attack. However, as ZachXBT highlights, there has been no official statement regarding the security incident following the announcement of this maintenance.

This has raised doubts about Noones’ security vulnerabilities. Rather than announcing the attack and providing information about relevant security measures, the company simply ignored the situation. As of press time, Noones has not made any statement on this matter.

Noones was founded in 2023 by Ray Youssef. With the experience he gained at Paxful, Youssef developed Noones to create a platform that would allow users to more easily access crypto and digital payments.

Youssef aimed for Noones to be a more community-focused alternative to Paxful and make it easier for users to conduct cryptocurrency transactions. However, this hack may have created a situation that seriously calls Noones’ community trust into question.

When Noones started out, he aimed to avoid Paxful’s difficulties and offer a more secure platform. However, such major vulnerabilities can shake users’ trust in the platform.

It is widely acknowledged in the crypto industry that security measures are extremely important and keeping user funds safe is critical. User security for cryptocurrency exchanges and P2P platforms is vital to the future of the industry.

Following this incident, Noones is expected to review its security protocols and take more robust measures. Additionally, tracking stolen funds through mixers like Tornado Cash will make the role of blockchain detectives and security experts even more important.

Such incidents in the crypto world serve as a lesson for other platforms and show that the industry needs to take more regulations and precautions to become safer.