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During the recent conference call with journalists, WazirX founder Nischal Shetty stated that the customers would probably lose 43% of the money they had with the exchange.
The WazirX hacker who stole a staggering $230 million worth of cryptocurrencies from the Indian exchange has started moving funds to crypto mixer Tornado Cash in order to obscure the trail of funds. As per the latest data, the hacker has moved a total of 2600 Ethereum worth $6.5 million in total.
The WazirX hacker had stolen $52 million worth of Ethereum (ETH) last month and has begun to spin off partial quantities using the Tornado Cash mixer. This popular crypto mixer allows users to transfer their tokens while masking addresses on the blockchain networks.
Thus, it provides greater privacy for users by eliminating the trail of transactions. However, Tornado Cash has been the favorite of hackers and other crypto criminals looking to wipe out the trail of their transactions.
As per the data from PeckShieldAlert, the WazirX hacker moved $6.5 million worth of Ethereum in the past few hours in multiple transactions of 100 ETH each.
#PeckShieldAlert #WazirX Exploiter -labeled address has transferred 2600.1 $ETH (worth ~$6.5M) to #Tornadocash within the last 9 hours
On July 18, India's #CEX WazirX suffered a major security breach, resulting in the theft of over $230 million in cryptos. pic.twitter.com/0QeKkleUyb
— PeckShieldAlert (@PeckShieldAlert) September 3, 2024
Interestingly, this development occurred when the Indian crypto exchange was working on its restructuring plan. In the recent WazirX townhall meeting, the top team discussed the ongoing recovery of crypto assets the restructuring of crypto balances, a moratorium for protection, and more.
WazirX Phase 2 Withdrawal Kickstarts
The Indian crypto exchange has kickstarted the Phase 2 withdrawals, a week ahead of the original schedule of September 9. “Starting today, all eligible users can now withdraw up to the full 66% limit of their INR balances,” noted the crypto exchange.
Phase 2 of INR withdrawals is live ahead of schedule.
We’re working tirelessly to deliver even faster results. Our objective is to be ahead of schedule for all the timelines we share. We will try our level best to make it happen.
To keep the momentum going we need your… https://t.co/oYsHCYPKLt
— Nischal (Shardeum) 🔼 (@NischalShetty) September 3, 2024
During the recent conference call with journalists, WazirX founder Nischal Shetty stated that the customers would probably lose 43% of the money they had with the exchange. As per other market experts, the best-case scenario of return would be anywhere between 55-57%. Shetty stated that the numbers are as of Monday, hinting that they could vary.
“You’re not in a position to see it today because we’re in negotiation, in ideation stage. Over the next several weeks, it will be easier and clearer on each stage where we can fill the gap,” he added.
Furthermore, the Singapore High Court will review WazirX’s plea for a six-month protection period on Tuesday, September 1, as the Indian exchange prepares to restructure its liabilities. The request was submitted by Zettai, a Singapore-incorporated company, whose subsidiary Zanmai India operates the exchange.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
