Ethereum

WazirX Hacker Strikes Again, Moves 10,000 ETH Amid Investigation

3 months ago
Bitcoin Ethereum News

WazirX Hacker has once again come into the spotlight by moving a significant amount of Ethereum, totaling 10,000 ETH, valued at approximately $23.3 million. This latest activity occurred over a 24-hour period and involved transferring half of these funds to Tornado Cash. The remaining half was moved to a new, previously unused Ethereum address, complicating tracking efforts.

WazirX Hacker Moves Another 10,000 ETH

In a recent development that has rattled the crypto community, the WazirX Hacker has moved an additional 10,000 Ethereum, causing further uncertainty in the market. This movement includes 5,000 ETH sent to the privacy-focused Tornado Cash, making the funds nearly untraceable. 

The other half was shifted to a new Ethereum address under unknown ownership. This has sparked concerns about the potential for further disruptions in the crypto space.

More so, this latest transaction follows a pattern of crypto transfers by the hacker, who is currently under investigation for a massive security breach at one of India’s largest crypto exchanges. 

The recent transaction is part of a larger pattern of activity by the WazirX Hacker, who has now moved a cumulative total of 12,600 ETH worth approximately $30.13 million over the last eight days. Yesterday, CoinGape reported that the WazirX hacker moved another 5000 ETH, worth over $11M, through Tornado Cash, raising concerns about crypto security.

Additionally, this latest move increases the hacker’s holdings to an estimated 49,100 ETH, valued around $115 million. The ongoing investigation aims to track these transactions.

Market Impact and Security Concerns

Following the news of the WazirX Hacker’s latest fund transfers, the crypto market has shown signs of increased volatility, particularly within the Ethereum network. 

In addition, the repeated breaches associated with WazirX have prompted calls for enhanced security measures within crypto exchanges globally. Experts are advocating for more robust systems to prevent similar incidents in the future.

Recently, the FBI reported a significant 45% surge in crypto fraud, resulting in losses amounting to $5.6 billion last year. The increase in incidents, mainly driven by investment scams, underscores the escalating risk within the crypto space.

Ongoing Investigations and Regulatory Response

Authorities continue to investigate the breach, with the goal of identifying the culprits behind the substantial theft. The use of sophisticated techniques to obscure the stolen funds has proven challenging for law enforcement, complicating efforts to bring justice.

In response to the breach and subsequent movements by crypto hackers, regulators and other stakeholders are considering stricter guidelines. Concurrently, earlier today, Tether and TRON formed a joint effort to combat crypto crime through the T3 Financial Crime Unit.

More so, these developments come amid reports that the market might witness an increase in enforcement actions this month. The Chief Legal Officer of VariantFund noted this pointing to the fact that most regulatory bodies like the SEC and Commodity Futures Trading Commission (CFTC) will end the fiscal year on Sept 30. 

These regulations aim to prevent the misuse of platforms like Tornado Cash, which have been implicated in money laundering activities.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. His work includes notable contributions to Cryptopolitan and Coingape News Media, where he shares his insights on the latest developments in the cryptocurrency market. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/wazirx-hacker-strikes-again-moves-10000-eth-amid-investigation/