Monday , 18 November 2024
Home Kripto WazirX Hacker Transfers $6.5 Million in Crypto to Tornado Cash
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WazirX Hacker Transfers $6.5 Million in Crypto to Tornado Cash

WazirX Hacker Transfers .5 Million in Crypto to Tornado Cash

A wallet address linked to the hacker responsible for the theft of over $235 million from the Indian cryptocurrency exchange WazirX has recently conducted significant transactions involving a notorious crypto mixer. On September 3, blockchain security platform Cyvers reported that the hacker moved 2,600 Ether (worth approximately $6.5 million) to Tornado Cash, likely in an attempt to launder the stolen funds.

According to data from the crypto tracking platform DeBank, starting from September 2, the wallet address originally contained $6.7 million. However, within just one hour, the hacker executed 26 separate transactions, each moving 100 ETH to Tornado Cash, leaving the wallet with a mere $154,000. This rapid movement of funds highlights the hacker’s urgent attempts to obscure the origins of the stolen assets.

WazirX’s Response to the Crisis

In the wake of the $235 million exploit on July 18, WazirX has been actively working to regain normal financial operations through a structured recovery plan. Part of this plan includes the restoration of Indian rupee (INR) withdrawals, which commenced on August 26.

WazirX initially announced that 34% of the rupee-denominated balances were frozen and unavailable for withdrawal due to ongoing investigations in collaboration with various law enforcement agencies. On September 3, WazirX moved up the withdrawal window, originally scheduled for September 9, allowing users to withdraw up to 66% of their INR balances. This early access was communicated to users via a post on X, stating, “Starting today, all eligible users can now withdraw up to the full 66% limit of their INR balances.”

Amid these developments, WazirX also indicated ongoing legal challenges related to crypto withdrawals. The exchange is pursuing legal proceedings in Singapore, having chosen this jurisdiction for its legal restructuring process. This move is part of broader efforts to stabilize the platform and address the complications arising from the July exploit.

Date Event Details
July 18 Initial Hack Over $235 million stolen from WazirX.
Aug 23 Announcement of Frozen Balances 34% of INR balances frozen, affecting withdrawals.
Aug 26 Start of INR Withdrawals Gradual restoration of financial operations begins.
Sept 2 Hacker Moves Funds $6.7 million in the wallet before moving $6.5 million to Tornado Cash.
Sept 3 Early Withdrawal Window Opened Users allowed to withdraw up to 66% of their INR balances.

The complex scenario unfolding around WazirX involves not only significant financial theft but also intricate efforts at money laundering through crypto mixers like Tornado Cash. WazirX’s proactive measures to stabilize the exchange and return funds to users demonstrate a robust response to an unprecedented crisis. As the legal proceedings continue, the cryptocurrency community remains vigilant, watching how WazirX navigates these challenges and what implications this might hold for crypto security and regulatory measures globally.

As the situation continues to develop, the industry’s focus on enhancing security measures and regulatory frameworks will likely intensify, aiming to prevent such significant breaches in the future.

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