The hacker responsible for the $230 million cyberattack on Indian crypto exchange WazirX has begun transferring stolen funds using Tornado Cash, a digital currency mixer sanctioned by the U.S. government.<\/p>\n
The move, which hides the trail of stolen assets, is the latest attempt by the perpetrator to launder the ill-gotten gains.<\/p>\n
According<\/a> to cybersecurity firm PeckShield, approximately 2,600 ether (ETH), valued at around $6.5 million, was transferred to the sanctioned crypto mixer early Tuesday.<\/p>\n Additionally, data from Arkham reveals that nearly $4 million worth of ETH was transferred across 16 transactions on the Ethereum network to a Tornado Cash router.<\/p>\n The hacker\u2019s wallet currently holds over $155 million worth of various tokens, with the majority in ETH, valued at around $150 million. Before September 3, they had not moved any of the money.<\/p>\n Tornado Cash is a sanctioned<\/a> decentralized platform that allows users to exchange tokens while concealing the originating and receiving wallet addresses, making it difficult to trace the flow of funds.<\/p>\n Although the service itself is not illegal, it has frequently been used by cybercriminals to obfuscate transactions linked to stolen or illicit cryptocurrency.<\/p>\n This latest movement of funds comes just weeks after the July 18 cyber attack that targeted WazirX. The incident resulted<\/a> in the loss of more than $230 million in user assets, a sum that represents over 45% of the exchange\u2019s total reserves.<\/p>\n Following the breach, the Indian exchange has filed<\/a> for restructuring to manage its liabilities, with a request set to be heard by the Singapore High Court on Tuesday.\u00a0The court will also hear its prayer for six months of protection on the same day, a move intended<\/a> to provide the exchange with breathing room as it navigates the restructuring process.<\/p>\n The petition was made by Zettai, a Singapore-incorporated entity whose subsidiary, Zanmai India, operates WazirX. Meanwhile, the company\u2019s legal advisers have warned that customers are unlikely to recover the full amount of their stolen investments.<\/p>\n During a press conference on September 2, Nischal Shetty, co-founder of WazirX, and George Gwee, a director at restructuring firm Kroll, said that users might see a return of only 55% to 57% of their money at best.\u00a0In the worst-case scenario, customers could lose up to 43% of their holdings on the platform.<\/p>\n However, they are reportedly in talks with a \u201cwhite knight\u201d investor to help close the deficit and increase recovered funds.<\/p>\n Representatives also plan to distribute remaining assets to users on a pro-rata basis while exploring new product development and profit-sharing schemes as additional income sources.<\/p>\n The post Hacker Transfers $6.5 Million in Stolen WazirX Funds to US-Sanctioned Tornado Cash<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The hacker responsible for the $230 million cyberattack on Indian crypto exchange WazirX has begun transferring stolen funds using Tornado Cash, a digital currency mixer sanctioned by the U.S. government. The move, which hides the trail of stolen assets, is the latest attempt by the perpetrator to launder the ill-gotten gains. $6.5 Million in Stolen […]<\/p>\n","protected":false},"author":0,"featured_media":3096,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3095"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3095"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3095\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/3096"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Customers Warned of Up to 43% Losses<\/h2>\n