In a recent development, the hacker behind the WazirX security breach transferred $6.5 million in stolen funds to Tornado Cash.
Within an hour, the WazirX hacker completed 26 transactions, each sending 100 ETH to Tornado Cash. These transactions totaled 2,600 ETH, valued at $6 million.
The July 18 Hack
The WazirX hack on July 18 resulted in a $234 million loss, wiping out 45% of customer funds. WazirX responded by seeking relief from the Singapore High Court to address the concerns of its users, who demanded compensation for their losses.
Challenges in Fund Recovery
The hacker’s use of Tornado Cash made it harder to trace and recover the stolen funds. Such platforms complicate digital forensics and often require cooperation between governmental and non-governmental entities to break through the anonymity they provide. This incident highlighted a broader issue in the cryptocurrency space: the same privacy and decentralization that attract users can also be exploited by cybercriminals.
The WazirX breach and subsequent laundering of funds through Tornado Cash underscored the ongoing challenges in securing digital assets. It emphasized the need for stronger security measures and greater collaboration within the cryptocurrency industry to protect user assets.
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