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News

WazirX Hacker Address Moves $6.5M Stolen Crypto To Tornado

September 3, 2024 - Around 2 mins mins to read

Key Points:

  • The WazirX hacker address, which stole over $230 million in July, has begun transferring funds through Tornado Cash.
  • WazirX’s restructuring efforts might allow customers to recover only 55-57% of their funds, sparking user dissatisfaction and frustration.
The WazirX hacker address, responsible for siphoning over $230 million in users’ assets from the Indian crypto exchange, has finally started siphoning the loot through Tornado Cash, a privacy-centric Ethereum mixer.
WazirX Hacker Address Moves $6.5M Stolen Crypto To Tornado

Read more: WazirX Exchange Hack Update: INR Withdrawals to be Opened in Phases

WazirX Hacker Address Siphons $230 Million in Stolen Funds via Tornado Cash

The move, reported early Tuesday by blockchain security firm PeckShield, obscures the trail of funds, making it hard to trace for the authorities.

According to PeckShield, in a matter of hours, 6,353 ETH had changed hands, or about $6.5 million worth of Ether. The WazirX hacker address had started 25 transactions for the transfer of the stolen cryptocurrency with Tornado Cash, transferring 100 ETH per transaction.

The new development marks yet another opportunity for WazirX to recover the hacked assets, as Tornado Cash guarantees that it is virtually impossible to track where the funds end up once they have been forwarded to its service.

WazirX Users Face Limited Recovery as Restructuring Efforts Begin

The July breach compromised one of WazirX’s multisig wallets and led to more than $100 million in Shiba Inu, $52 million in Ether, and other assets being stolen. Fully, the amount accounts for about 45% of WazirX customer funds, or so it was feared by a great number of its users.

In response, WazirX’s parent company, Singapore-based Zettai, has filed for a six-month protection period with the Singapore High Court to restructure its liabilities.

In a web conference, representatives of Kroll, the financial advisory firm in charge of the restructuring, estimated that customers would receive only 55 to 57% of their money. The extended shutdown and tight control over fund withdrawals have sparked growing resentment among users of WazirX, with many venting on social media.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

hack

Tornado cash

WazirX

WazirX Hacker Address

Zettai

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.