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Cryptocurrency News Articles
The Hacker Responsible for Stealing $230M from WazirX in July Is Close to Finishing Laundering the Funds
Sep 27, 2024 at 11:00 pm
Most of the stolen assets were transferred through Tornado Cash, a service known for disguising digital transactions.
A hacker who stole $230 million from Indian cryptocurrency exchange WazirX in July is nearly done laundering the funds, with just $6 million remaining in Ethereum (ETH), according to blockchain analytics firm Arkham Intelligence.
The majority of the stolen assets were moved through Tornado Cash, a service designed to obscure digital transactions.
The hack compromised over 45% of the Indian exchange’s reserves and included various assets, such as over $100 million in Shiba Inu (SHIB) and $52 million in Ethereum, which were drained from a compromised wallet. According to Arkham’s data, the hacker has moved over $50 million through Tornado Cash since August, with activity increasing in recent weeks.
Tornado Cash, a mixer that helps conceal wallet addresses, has become a popular tool for criminals to launder cryptocurrency. The service is not inherently illegal, but its misuse has drawn substantial attention.
READ MORE:
New York City Mayor Faces Federal Corruption Charges
Following the hack, WazirX initiated a restructuring process in Singapore to cover its liabilities. Despite efforts to recover the stolen assets, the exchange has faced criticism for its handling of the crisis and lack of transparency with users.
Adding to the controversy, Binance, a former operating partner of WazirX, has clarified that it was not involved in the hack and does not control or manage WazirX’s operations. This statement contradicts claims made by WazirX co-founder Nishal Shetty in August, further complicating the exchange’s public relations challenges.
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