As a seasoned crypto investor with a penchant for navigating the volatile world of digital assets, I can’t help but feel a mix of disbelief and exasperation upon hearing about the latest developments in the WazirX hack saga. With over a decade of experience under my belt, I’ve seen it all – from market crashes to pump-and-dumps, but this ongoing escapade takes the cake.
The hacker behind the breach of one of India’s largest crypto exchanges, WazirX, has resurfaced as the criminal moved 10,000 ETH, worth $23.3 million, in a recent 24-hour development. The anonymous entity sent 5,000 ETH to Tornado Cash, a notorious privacy protocol associated with cryptocurrency laundering, and another 5,000 ETH to a new address to further obscure the stolen funds.
Over the last eight days, the hacker has successfully cleaned 12,600 Ethereum, which is roughly equivalent to $30.13 million. Now, his total holdings stand at an astounding 49,100 Ethereum, valued at a whopping $115 million.
The most recent actions by the hacker are linked to the significant WazirX hack that occurred at the end of July, resulting in approximately $240 million worth of diverse cryptocurrencies being taken from India’s top exchange. These pilfered assets have since been actively traded, with Ethereum emerging as a primary target.
One significant demonstration of a hacker’s influence on financial markets involves the selling off of approximately 5.4 trillion Shiba Inu (SHIB), worth around $102 million, which led to an 8% decrease in the price of this well-known meme-inspired cryptocurrency.
WazirX hack: The latest
To help handle the consequences of the hack and give themselves time to reorganize their financial responsibilities, Zettai (the Singapore-based company behind WazirX) has requested a temporary halt on certain duties from the High Court of Singapore. They aim to use this period to address affected users fairly and provide compensation for the $230 million loss.
Moreover, an independent examination concluded that Liminal Custody, the primary infrastructure supplier for WazirX, had no part in the breach. This goes against what the exchange leadership initially reported. It seems at this juncture that the hack was likely due to external loopholes rather than flaws within their internal infrastructure.
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2024-09-10 15:29