The hacker responsible for the WazirX security breach has moved over $23 million worth of stolen Ethereum (ETH) in the past 24 hours. This comes amidst the exchange’s restructuring efforts which could see 55-57% of the stolen assets being returned to users.
Funds Likely Heading to Tornado Cash
According to Cyvers Alerts, the hacker transferred 5,000 ETH, valued at approximately $11.7 million, to a new address on September 10. This transaction follows a similar one on September 9, where another 5,000 ETH, worth $11.5 million, was moved to a different address. This brings the total funds moved by the exploiter in the last 24 hours to around $23 million. Both transactions are also believed to be headed to Tornado Cash, a sanctioned service that allows users to mask wallet addresses on various blockchains.
Recovery Efforts
This series of transactions follow the security breach in July, where WazirX’s multisig wallet was compromised, resulting in the theft of over $230 million in user assets. Since the incident, the exchange has announced that affected customers will not be able to recover their full funds. The firm is currently undergoing restructuring, with the possibility of returning 55-57% of the stolen assets to users.
Future Steps
The company is actively searching for an investor to inject capital and is exploring potential partnerships and collaborations. Additionally, the company intends to distribute the remaining assets to users on a pro-rata basis.
WazirX continues to work on recovering stolen assets and assures users that necessary measures are being taken to mitigate the impact of the hack.
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