As a seasoned crypto investor with years of experience navigating the digital financial landscape, I must say this latest news about the WazirX hack and the potential laundering of stolen funds is deeply concerning. Having witnessed similar incidents in the past, I can attest that once the funds are fully laundered, the chances of recovery become slim to none.
It is said that the individuals who carried out the significant cyberattack on the Indian cryptocurrency platform WazirX in July may soon clean their ill-gotten gains, valued at over ₹2,000 crore. Once these funds have been laundered, the likelihood of recovering them will significantly decrease.
The thieves have repeatedly moved the pilfered funds, breaking them up into groups, and then sending them to a widely used cryptocurrency tumbler called Tornado Cash. Currently, the wallet containing Ether (ETH) that was stolen from WazirX holds just $6 million.
Display a chronological sequence of blockchain transactions from Arkham, highlighting that approximately 400 crores, equivalent to around $50 million, were moved by hackers in August, with the rest being transferred in September.
More than 45% of the exchange’s total reserves, as stated in their June 2024 report, were stolen funds. Since then, the exchange has initiated a restructuring process in Singapore aimed at resolving its financial obligations.
In the current situation, Binance, who has had a tumultuous history with WazirX, maintains that they should not be implicated in this matter, stressing that they do not manage or run WazirX. Binance also replied to a user seeking 83 crores from them with an informal phrase, “This isn’t our show, not our monkeys.
The payment structure for WazirX users, which was not as per the statements made by founder Nischat Shetty in August, remains uncertain and is currently valued at approximately 2 billion Indian rupees.
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2024-09-25 20:36