WazirX Hacker Moves $4M in Stolen Crypto Using Tornado Cash, Customers at Risk

TL;DR
- The hacker behind the $230 million theft from WazirX has started transferring nearly $4 million in stolen $ETH using Tornado Cash to hide the funds' origins.
- WazirX is restructuring after the breach, with customers expected to recover only 55% to 57% of their lost assets.

The hacker responsible for the theft of over $230 million from the Indian cryptocurrency exchange WazirX has begun transferring nearly $4 million in stolen $ETH through Tornado Cash. This method is employed to obscure the origins of the stolen funds, marking a significant step in the hacker's efforts to launder the assets. WazirX is currently undergoing a restructuring process in the wake of this breach, leaving customers uncertain about the recovery of their funds.

In July, WazirX experienced a major security breach involving one of its multisig wallets, resulting in the loss of over $100 million in various cryptocurrencies, including $SHIB and $ETH. This theft represented more than 45% of the total reserves reported by the exchange. Legal advisers have indicated that customers may recover only a portion of their assets, with estimates ranging from 55% to 57%.

The North Korean hacking group Lazarus is suspected to be behind this attack, having previously laundered over $1 billion in stolen funds through similar services. The use of Tornado Cash has raised concerns, as it is often utilized by cybercriminals to conceal their identities and launder stolen assets.

What measures do you think exchanges should take to enhance security and protect customer assets?

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