The WazirX hacker transferred 10,000 Ethereum (ETH), worth $23.3 million, reigniting concerns within the cryptocurrency community.
WazirX Hacker transferred a significant amount of Ethereum, totaling 10,000 ETH, with a value of roughly $23.3 million, bringing the entity back to the forefront of public attention.
Last but not least, this most recent operation took place over the course of 24 hours and involves sending 50%t of these funds to Tornado Cash. The transfer of the other half to an unutilized new Ethereum address made tracking it more challenging.
WazirX Hacker Moves Another 10,000 ETH
The WazirX hacker has transferred an additional 10,000 Ethereum, causing further market uncertainty and shaking the cryptocurrency community. This activity involves transferring 5,000 ETH to Tornado Cash, a platform that prioritizes user anonymity and renders the funds nearly untraceable.
They transferred the remaining half of the cryptocurrency to a new Ethereum address with an unknown owner. This has raised concerns about potential disruptions in the cryptocurrency market.
Furthermore, the hacker, who is currently under investigation for a significant security breach at one of India’s top cryptocurrency exchanges, has a pattern of cryptocurrency transfers, including this most recent transaction.
The WazirX hacker has carried out a broader pattern of activity, moving a cumulative total of 12,600 ETH worth about $30.13 million over the course of the last eight days. The most recent transaction is a part of this bigger pattern of activity.
The WazirX hacker had moved another 5,000 ETH through Tornado Cash, which is worth more than 11 million dollars. This has raised concerns about the security of cryptocurrencies.
Furthermore, the hacker’s assets increased to an estimated 49,100 ETH, which is equivalent to almost $115 million, as a result of this most recent transfer. These transactions are the focus of the ongoing investigation.
Following the dissemination of information regarding the WazirX hacker’s most recent fund transfers, the cryptocurrency market has shown indications of heightened volatility, particularly within the Ethereum network.
Furthermore, WazirX’s numerous security breaches have prompted calls for the implementation of increased security measures across cryptocurrency exchanges worldwide.
Specialists are advocating for more resilient systems to prevent similar events in the future. The Federal Bureau of Investigation (FBI) has revealed a huge increase of 45% in cryptocurrency fraud, which led to losses totaling $5.6 billion in the previous year.
The increasing number of cases, primarily due to fraudulent investment schemes, underscores the escalating risks within the cryptocurrency sector. As the investigation into the breach continues, the authorities are working toward the goal of identifying the individuals responsible for the significant theft.
The use of advanced tactics to conceal stolen funds has proven difficult for law enforcement, making it more difficult to investigate and bring those responsible to justice.
Government regulators and other stakeholders are considering implementing more stringent restrictions in response to the breach and the actions taken by crypto hackers.
At the same time, earlier today, Tether and TRON came together to launch a collaborative effort to combat cryptocurrency related criminal activity through the T3 Financial Crime Unit.
These changes are especially noteworthy because they occur in the midst of concerns that the market may experience an upsurge in enforcement actions this month.
The Chief Legal Officer of VariantFund highlighted that most regulatory agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), will conclude their fiscal year on September 30. These restrictions aim to prevent improper use of platforms like Tornado Cash, which have been associated with money laundering activities.
