In a disturbing turn of events, the attacker behind the WazirX cryptocurrency breach, which made off with $100 million worth of Shiba Inu, is continuing to launder stolen Ethereum (ETH). According to Spot On Chain, a leading on-chain intelligence and analytics platform, the WazirX attacker recently initiated the transfer of 10,000 ETH, valued at approximately $23.3 million at the time of the transaction, as part of efforts to whiten The stolen funds. This comes amid Ethereum’s struggle to reach $2,400.
Explaining the activity of the Shiba Inu hacker
WazirX, one of the largest cryptocurrency exchanges in India, She was raped in July This led to the theft of around $230 million worth of crypto assets. Among these most notable crypto assets were Shiba Inu worth over $100 million and ETH worth $52 million. According to EllipticThe attack was carried out by hackers linked to North Korea.
According to Arkham Intelligence, a blockchain analytics firm, these hackers wasted no time in getting rid of their stolen assets. In particular, they immediately began liquidating the vast reserves of Shiba Inu they had at their disposal. This sudden and massive sale of Shiba Inu tokens had an almost instant impact on the market. causing a sharp fall in the price of Shiba Inu as traders reacted to the influx of supply.
Since the initial breach, hackers have continued their systematic efforts to launder and liquidate stolen cryptocurrencies, with Ethereum being a primary focus. The latest laundering maneuver was the transfer of 5,000 ETH to Tornado Cash, the controversial privacy protocol hackers occasionally employ to clean stolen ETH. Spot On Chain also recorded another $5,000 to a new address, likely for further laundering.
Over the past eight days, hackers laundered 12,600 ETH worth $30.13 million. At the time of writing, hackers still control 43,805 ETH, worth about $102.17 million. In addition to the large Ethereum stash, they hold other tokens, bringing the cumulative value of their stolen crypto assets to $107.58 million.
🚨 WazirX attacker won’t stop laundering stolen money $Ether!
In the last 24 hours, the attacker moved 10K $Ether (US$23.3 million), including:
• sent another 5K $Ether to #TornadoMoney
• moved another 5K $Ether to a new address for subsequent washing.💸 Total washed: 12.6K $Ether ($30.13 million) in… https://t.co/hqIoMLq8s9 image.twitter.com/HONUuhnqCB
— Spot On Chain (@spotonchain) September 10, 2024
The sheer volume of tokens at their disposal poses a threat to the broader cryptocurrency market, particularly Ethereum. With the market already experiencing volatility and ETH struggling to stay above crucial support levels, any further selling by hackers could lead to more selling pressure and further instability in its price.
After an initial blame exchange against cryptocurrency custody firm Liminal, WazirX has begun to implement a comprehensive restructuring plan to address the financial consequences of the attack. However, this The process may take some time.as the stolen funds represent around 45% of the exchange’s $500 million holdings, according to a June report.
At the time of writing, Ethereum is trading at $2,330 and is down 2.78% over the past seven days. However, the cryptocurrency is up 7.22% from a low of $2,173 on September 6.
Featured image created with Dall.E, chart from Tradingview.com
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.