WazirX Hacker Launders $12M in Ethereum Via Tornado Cash

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The bad actor behind the unauthorized transfer of crypto assets valued at over $230 million from the WazirX safe Multisig wallet has initiated another asset movement. This time, the hacker moved a significant $12 million (5,000 ETH) worth of Ether to an address. Shortly afterward, the 5,000 ETH were laundered in batches of 100 Ether or $243,000 using Tornado Cash.

Hacker Uses Tornado Cash to Launder Stolen Funds

Arkham, the on-chain analytic platform that tracked asset movements, noted that the hacker commenced the transfers on Sept. 2. On that occasion, 2,500 Ether, valued at about $6.3 million at the time, were funneled in 25 tranches of 100 Ether each directly to the crypto mixer.

The use of a crypto mixer aims to cover the hacker’s track and how the funds were moved. Cybercriminals usually deploy these tactics so that law enforcement agencies cannot follow the asset trail and apprehend them.

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The latest movement of 5,000 Ether is the eighth such transfer by the hacker and marks the third asset movement this week alone. In prior asset transfers, the malicious actor did not use this route. However, on Sept. 5, the 5,000 batches were commenced at intermediary addresses. After that, it moved them into smaller units of 100 Ether to Tornado Cash.

Hacker Still Controls Over $45 Million in Ether

By Arkham’s estimation, the entity behind the hack still has 18,800 Ether worth about $45.8 million awaiting transfer. If the hacker remains consistent with the latest tactic, this will require another three to four batches of transfers to execute.

In addition to this amount of Ether left to launder, the entity still holds about $5.7 million worth of different cryptocurrencies. There has been no definite pattern to his laundering methods for these assets, which were transferred illegally from WazirX.

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Binance Denies Responsibility on WazirX Compensation Plans

The remedial plan by WazirX, the leading Indian crypto exchange, to socialize the losses in a 55/45 approach received community resistance. The WazirX poll conducted between July 27 and August 3 to assess users’ sentiments revealed general displeasure with the proposed distribution approach.

Meanwhile, in a recent development, WazirX suggested that Binance may bear the responsibility of compensating affected users. The Indian exchange claims Binance has acquired it and controls WazirX. Binance strongly denied this assertion while condemning WazirX’s shifting of blame.