Hacker nearly completes laundering $230 million stolen from WazirX Hacker nearly completes laundering $230 million stolen from WazirX
Based on Arkham Intelligence data, the hacker has just $6 million worth of Ethereum left to launder.
1 min read
Updated: Sep. 25, 2024 at 4:12 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The hacker responsible for stealing $230 million from WazirX in July has nearly finished laundering the funds, with just $6 million worth of Ethereum (ETH) left, based on Arkham Intelligence on-chain data.
Most of the stolen assets were moved through Tornado Cash, a service known for obscuring digital transactions.
Funds laundered
The breach, which compromised over 45% of the Indian exchange’s reserves, involved a range of assets, including over $100 million in Shiba Inu (SHIB) and $52 million in Ethereum taken from a compromised wallet.
Arkham data shows the hacker has transferred over $50 million through Tornado Cash since August, intensifying activity in recent weeks. A recent transfer involved 3,792 ETH, approximately $10 million.
Tornado Cash, a tool that helps mask wallet addresses, has become a common means for criminals to launder crypto. While the service itself is not illegal, its misuse in criminal schemes has drawn significant attention.
Earlier this year, Tornado Cash developer Alexey Pertsev was convicted of money laundering in the Netherlands and sentenced to over five years in prison.
Restructuring
Following the hack, WazirX entered a restructuring process in Singapore to manage its liabilities. Despite efforts to recover the stolen assets, the exchange has faced criticism for its crisis response and lack of transparency with users.
Adding to the controversy, Binance, a former business partner of WazirX, clarified that it was not involved in the hack and does not control or manage WazirX operations.
The statement contradicted claims made by WazirX co-founder Nischal Shetty in August, further complicating the exchange’s public relations challenges.
With the majority of the stolen funds now laundered, WazirX continues to face hurdles in its recovery efforts, raising questions about the exchange’s future and broader security concerns within the industry.
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Author 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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In this article
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
SHIBA INU
$0.00003
Shiba Inu (SHIB) is a decentralized meme token that aims to be the Ethereum-based counterpart to Dogecoin’s Srypt-based mining algorithm. According to SHIBA INU, the reasoning behind the creation of SHIBA is that Shibas constantly forget where they bury their treasure.
Tornado Cash
$11.7127
Tornado Cash is a decentralized, non-custodial privacy solution built on Ethereum.
WazirX
WazirX is an India-based cryptocurrency exchange with an advanced trading interface and features to Buy, Sell & Trade cryptocurrencies.
Arkham Intelligence
Arkham Intelligence is a platform that provides information on the real-world entities behind addresses on the blockchain.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Nischal Shetty is the founder and CEO of India’s leading cryptocurrency exchange WazirX.
