September 3, 2024 - A cryptocurrency wallet linked to the hacker behind the $235 million theft from Indian exchange WazirX has moved a significant portion of the stolen funds.
September 3, 2024 - A cryptocurrency wallet linked to the hacker behind the $235 million theft from Indian exchange WazirX has moved a significant portion of the stolen funds through the sanctioned mixing service Tornado Cash.
Blockchain analytics firm Cyvers reported that the hacker transferred 2,600 Ether (ETH), worth approximately $6.5 million at current prices, to Tornado Cash in an apparent effort to launder the ill-gotten cryptocurrency.
Data from crypto tracking platform DeBank shows the wallet held a total of $6.7 million as of September 2nd. However, after making 26 separate transfers of 100 ETH each to Tornado Cash within a single hour, the wallet's balance has been reduced to just $154,000.
The timing of these transactions coincides with an announcement from WazirX that it is allowing users to withdraw up to 66% of their Indian rupee-denominated balances earlier than originally planned. In a post on X, the exchange stated that "Starting today, all eligible users can now withdraw up to the full 66% limit of their INR [Indian rupee] balances."
WazirX had previously planned to open this withdrawal window on September 9th, but has now moved the date forward to provide customers quicker access to their funds.
This development comes as WazirX continues its efforts to restore normal operations following the $235 million hack on July 18th.
As part of this process, the exchange reinstated Indian rupee withdrawals on August 26th, though it had disclosed that 34% of rupee-denominated balances remained frozen due to ongoing law enforcement investigations.
WazirX has also noted that it is facing legal issues surrounding cryptocurrency withdrawals as part of its restructuring efforts, which are being handled through proceedings in Singapore, where the company has chosen to base its legal reorganization.
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