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Cryptocurrency News Articles
WazirX Hacker Is Almost Done Laundering $230M Stolen Funds
Sep 25, 2024 at 08:08 pm
Whoever was behind India's biggest cryptocurrency hack is almost done laundering over $230 million worth of tokens, on-chain data shows.
A wallet linked to the massive cryptocurrency theft from WazirX in July now holds only $6 million in ether (ETH) as the hacker, or hacker group, behind the theft nears completion of laundering the stolen funds, on-chain data shows.
The funds in the wallet were stolen from WazirX, formerly one of India’s largest cryptocurrency exchanges by trading volume, in July. The stolen assets included over $100 million in shiba inu (SHIB) and $52 million in ether, among other assets.
A review of on-chain data by Arkham suggests that the funds were moved in tranches to new wallets, which were then used to send the tokens to privacy service Tornado Cash.
The stolen funds were moved in tranches, with the latest being 3,792 ETH ($10 million) transferred to a wallet on Wednesday. The funds were then sent to a Tornado Cash contract in smaller amounts over the course of a few hours.
On-chain data shows that the wallet, which received the funds from the WazirX hack, made several large transfers to Tornado Cash, with the latest being 3,792 ETH ($10 million) on Wednesday. The funds were then sent to a Tornado Cash contract in smaller tranches over a few hours.
According to the data, the hacker began moving the funds in August, and the activity picked up in September. In August, a total of over $50 million in tokens were moved to Tornado.
Crypto users can exchange tokens and mask wallet addresses on various blockchains with Tornado Cash. While the service itself is not inherently illicit, it is often used by criminals to clean an online trail that could lead to the identity of those moving stolen funds.
In May, a Dutch judge found Tornado Cash developer Alexey Pertsev guilty of money laundering and sentenced him to 64 months in prison.
The theft from WazirX was part of a larger security breach of one of its multisig wallets in July. The stolen funds, which were later moved to Tornado Cash, accounted for over 45% of the total reserves reported by the exchange in a June 2024 report.
Following the incident, the exchange filed for a restructuring process in Singapore to clear its liabilities. WazirX has also engaged in efforts to recover the stolen funds with limited success.
The exchange, which is still grappling with the financial and reputational fallout, has faced criticism for its handling of the situation, particularly regarding user communication and fund recovery processes.
Meanwhile, Binance, which has had a strained relationship with WazirX, clarified last week that it was not involved in the security breach, emphasizing that it does not control or operate WazirX. This differs from what founder Nischal Shetty stated on X in August.
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