WazirX Hacker Attempts to Launder Stolen Funds Through Cryptocurrency Mixer
CryptoNewsTerminal Staff12 Sep, 2024
WazirX Hacker Attempts to Launder Stolen Funds Through Cryptocurrency Mixer
WazirX, a leading Indian cryptocurrency exchange, recently fell victim to a major hack that resulted in the theft of over $11.8 million worth of Ethereum (ETH). According to blockchain analytics firm PeckShield, the stolen funds have been transferred to a new address in an apparent attempt to launder them through a cryptocurrency mixer. The hacker transferred 5,000 ETH to an address starting with 0xa4d1, which is known to be associated with cryptocurrency mixing services. Mixers are designed to obfuscate the origin of cryptocurrency transactions, making it difficult to trace the flow of funds. PeckShield's analysis suggests that the hacker is attempting to launder the stolen ETH by breaking it down into smaller amounts and sending it through multiple mixing services. This process makes it challenging for law enforcement and financial institutions to track and recover the stolen funds. The transfer of the stolen ETH has raised concerns about the security of cryptocurrency exchanges and the potential for illicit activities within the cryptocurrency ecosystem. Regulators and law enforcement agencies are closely monitoring the situation and may take action to prevent further laundering attempts
