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WazirX Begins Restructuring Amid $230M Hack as Hackers Funnel Ethereum Through Tornado Cash
The post WazirX Begins Restructuring Amid $230M Hack as Hackers Funnel Ethereum Through Tornado Cash appeared on BitcoinEthereumNews.com. The WazirX exchange hack has seen hackers launder nearly $230 million worth of assets through the coin mixer Tornado Cash, complicating recovery efforts for affected users. Last week’s significant developments included a transfer of $33 million ETH to Tornado Cash, with continuous fund movement since. A noteworthy detail is that the hacker’s main wallet holds over $6 million in various crypto assets, creating additional challenges for authorities. The WazirX hack reveals severe vulnerabilities in decentralized finance and challenges in recovering laundered assets, as $230 million disappears through Tornado Cash. The Extent of the Hack and Resulting Developments The hackers have transferred approximately 15,000 ETH (valued at around $40 million today) since the breach, making numerous transactions that have muddled the traceability of the stolen assets. The High Court of Singapore had granted WazirX a four-month moratorium to restructure its liabilities after suffering a $230 million hack, hopefully enabling them to get back on stable ground. WazirX has been grappling with a significant loss, believed to represent more than 45% of its total reserves, intensifying the pressure to recover the assets. Utilization of Tornado Cash and Its Implications Data from Arkham Intelligence indicates that the hacker’s main wallet still retains over $6 million in multiple crypto assets. Tornado Cash, a decentralized cryptocurrency mixer, has been instrumental in laundering these funds. The platform uses smart contracts to mix cryptocurrencies, rendering the transactions nearly untraceable. Despite the platform being sanctioned by the United States Treasury’s Office of Foreign Assets Control in 2022, making it illegal for U.S. citizens to use, it remains operational globally, handling nearly $2 billion in transactions up to July 2024. This decentralized structure makes it challenging for authorities to halt its operations or trace laundered funds. Attribution and Accusations Founder Nischal Shetty has assigned blame to various entities for…
The post WazirX Begins Restructuring Amid $230M Hack as Hackers Funnel Ethereum Through Tornado Cash appeared on BitcoinEthereumNews.com.
The WazirX exchange hack has seen hackers launder nearly $230 million worth of assets through the coin mixer Tornado Cash, complicating recovery efforts for affected users. Last week’s significant developments included a transfer of $33 million ETH to Tornado Cash, with continuous fund movement since. A noteworthy detail is that the hacker’s main wallet holds over $6 million in various crypto assets, creating additional challenges for authorities. The WazirX hack reveals severe vulnerabilities in decentralized finance and challenges in recovering laundered assets, as $230 million disappears through Tornado Cash. The Extent of the Hack and Resulting Developments The hackers have transferred approximately 15,000 ETH (valued at around $40 million today) since the breach, making numerous transactions that have muddled the traceability of the stolen assets. The High Court of Singapore had granted WazirX a four-month moratorium to restructure its liabilities after suffering a $230 million hack, hopefully enabling them to get back on stable ground. WazirX has been grappling with a significant loss, believed to represent more than 45% of its total reserves, intensifying the pressure to recover the assets. Utilization of Tornado Cash and Its Implications Data from Arkham Intelligence indicates that the hacker’s main wallet still retains over $6 million in multiple crypto assets. Tornado Cash, a decentralized cryptocurrency mixer, has been instrumental in laundering these funds. The platform uses smart contracts to mix cryptocurrencies, rendering the transactions nearly untraceable. Despite the platform being sanctioned by the United States Treasury’s Office of Foreign Assets Control in 2022, making it illegal for U.S. citizens to use, it remains operational globally, handling nearly $2 billion in transactions up to July 2024. This decentralized structure makes it challenging for authorities to halt its operations or trace laundered funds. Attribution and Accusations Founder Nischal Shetty has assigned blame to various entities for…
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