SHIB Thief Nears Endgame: $230 Million Stolen Funds Almost Gone

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As a seasoned analyst with over two decades of experience in the ever-evolving world of finance and technology, I find myself deeply troubled by the latest developments in the WazirX saga. The audacity of these hackers, managing to launder such a significant portion of their ill-gotten gains through Tornado Cash, is nothing short of impressive – if not for the wrong reasons.

Approaching the conclusion of their money-laundering phase from the July 2024 WazirX hack, the thieves have nearly finished a significant part of the cryptocurrency heist, as they’ve transferred around 3,792 ETH (worth approximately $9.93 million) to a newly created wallet labeled “0xa6e.” This wallet is now funneling the funds through the infamous crypto tumbler known as Tornado Cash.

The theft of $230 million in assets from India’s top exchange led to approximately 61,700 ETH being acquired with the stolen funds. Since September 3, the hacker has been transferring these assets between different wallets, a process that is almost finished after 22 days of both incoming and outgoing transactions.

Among the major impacts of the WazirX hack was the forced sale of approximately 5.4 trillion Shiba Inu (SHIB) worth $102 million, leading to a substantial decrease in the day’s value for this well-known meme-based cryptocurrency.

For better or worse, all SHIB tokens were immediately sold by the hacker that day.

SHIB Thief Nears Endgame: $230 Million Stolen Funds Almost Gone

As a crypto investor, I’ve been dismayed by the recent hack on WazirX. Despite the passage of two months since the incident, there’s been a notable lack of clarity from the exchange regarding crucial details like wallet addresses and transparency reports. This has only intensified the unease surrounding the event, making it difficult for us investors to fully understand and trust the situation.

As an analyst, I can clarify that despite initial speculations linking Binance with WazirX, the prominent crypto entity has since unequivocally stated that there is no ownership tie between them and the Indian exchange.

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2024-09-25 15:53