WazirX Hacker Strikes Again, Moves 10,000 ETH Amid Investigation

Ronny Mugendi
September 10, 2024
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
WazirX Hacker Strikes Again, Moves 10,000 ETH Amid Investigation

Highlights

  • WazirX hacker moves 10,000 ETH worth $23.3M
  • The hacker has now laundered 12,600 ETH, worth $30.13M, in eight days.
  • Total laundered by WazirX hacker reached 49,100 ETH, valued at $115 million.

WazirX Hacker has once again come into the spotlight by moving a significant amount of Ethereum, totaling 10,000 ETH, valued at approximately $23.3 million. This latest activity occurred over a 24-hour period and involved transferring half of these funds to Tornado Cash. The remaining half was moved to a new, previously unused Ethereum address, complicating tracking efforts.

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WazirX Hacker Moves Another 10,000 ETH

In a recent development that has rattled the crypto community, the WazirX Hacker has moved an additional 10,000 Ethereum, causing further uncertainty in the market. This movement includes 5,000 ETH sent to the privacy-focused Tornado Cash, making the funds nearly untraceable. 

The other half was shifted to a new Ethereum address under unknown ownership. This has sparked concerns about the potential for further disruptions in the crypto space.

More so, this latest transaction follows a pattern of crypto transfers by the hacker, who is currently under investigation for a massive security breach at one of India’s largest crypto exchanges. 

The recent transaction is part of a larger pattern of activity by the WazirX Hacker, who has now moved a cumulative total of 12,600 ETH worth approximately $30.13 million over the last eight days. Yesterday, CoinGape reported that the WazirX hacker moved another 5000 ETH, worth over $11M, through Tornado Cash, raising concerns about crypto security.

Additionally, this latest move increases the hacker’s holdings to an estimated 49,100 ETH, valued around $115 million. The ongoing investigation aims to track these transactions.

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Market Impact and Security Concerns

Following the news of the WazirX Hacker’s latest fund transfers, the crypto market has shown signs of increased volatility, particularly within the Ethereum network. 

In addition, the repeated breaches associated with WazirX have prompted calls for enhanced security measures within crypto exchanges globally. Experts are advocating for more robust systems to prevent similar incidents in the future.

Recently, the FBI reported a significant 45% surge in crypto fraud, resulting in losses amounting to $5.6 billion last year. The increase in incidents, mainly driven by investment scams, underscores the escalating risk within the crypto space.

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Ongoing Investigations and Regulatory Response

Authorities continue to investigate the breach, with the goal of identifying the culprits behind the substantial theft. The use of sophisticated techniques to obscure the stolen funds has proven challenging for law enforcement, complicating efforts to bring justice.

In response to the breach and subsequent movements by crypto hackers, regulators and other stakeholders are considering stricter guidelines. Concurrently, earlier today, Tether and TRON formed a joint effort to combat crypto crime through the T3 Financial Crime Unit.

More so, these developments come amid reports that the market might witness an increase in enforcement actions this month. The Chief Legal Officer of VariantFund noted this pointing to the fact that most regulatory bodies like the SEC and Commodity Futures Trading Commission (CFTC) will end the fiscal year on Sept 30. 

These regulations aim to prevent the misuse of platforms like Tornado Cash, which have been implicated in money laundering activities.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.