Prominent cryptocurrency exchange, WazirX made headlines after being hacked for more than $230 million. The firm found itself in immense trouble after this high-profile exploit. More recently, the hacker was seen moving the stolen funds employing Tornado Cash. With Tornado Cash, cryptocurrency users may swap tokens on different blockchains while hiding their wallet addresses. This is a common method that cybercriminals employ to mask themselves from law enforcement.
Also Read: Shiba Inu (SHIB) to Hit 5 Cents, Top Bitcoin Analysts Predict
According to data from PeckShield, the WazirX attacker transferred about $6.5 million worth of Ethereum (ETH) or 2,600 ETH. This was done through 16 transactions on the Ethereum network to a Tornado Cash router. The address currently possesses about $155 million worth of different tokens. The majority of which are in ETH ($150 million). It should be noted that this address did not move any assets before this.
Also Read: VeChain: How High Can VET Surge This September 2024?
Is There Still Room For Recovery?
A startling 43% of consumer cash stolen in the attack is not likely to be retrieved, according to WazirX. Managing Director of Kroll, Jason Kardachi, said during the reorganization discussion,
“Around 55-57% is the net cost required to undertake this restructure. In crypto terms, this is what can be returned to (WazirX) users with the benefit of this restructuring.”
The hack was carried out through a breach in one of the exchange’s multisig wallets. This resulted in the loss of $100 million in ETH and $52 million in Shiba Inu (SHIB), among other assets. The hack was touted as one of the largest hacks in the country to date. In addition, it was believed that the attack was executed by the infamous cybercrime group Lazarus Group. This group is reportedly supported by North Korea.
Also Read: BRICS Bank Officially Authorizes a New Country To Join the Ranks