WazirX hacker moves $23M in ETH, sparking fresh security concerns as 5,000 ETH is routed through Tornado Cash.
The hacker now holds 49,100 ETH worth $115M, raising global calls for stricter crypto exchange security measures.
Tornado Cash complicates efforts to trace stolen funds, intensifying concerns over the growing threat of crypto crime.
$23.3 million worth of 10,000 ETH was moved by the WazirX hacker. Half of that Ethereum went to the popular privacy tool site Tornado Cash, which is known to make funds nearly untraceable. The remaining amount was sent to a new Ethereum address, complicating tracking efforts. This latest move has reignited concerns within the crypto community regarding the hacker's continued activities.
https://twitter.com/spotonchain/status/1833407741509177617
Besides, this transaction follows a pattern of similar fund transfers by the hacker. The $30.13 million, or 12,600 ETH, has been transferred by the WazirX hacker in the last eight days. Due to this consistent stream of income, the hacker currently possesses 49,100 ETH, or $115 million. Additionally, the repeated breaches linked to WazirX have led to calls for stronger security measures across crypto exchanges globally.
Tornado Cash’s Role in Obscuring Fund Tracking
Moreover, Tornado Cash remains central to the controversy, as its use complicates law enforcement efforts. Crypto investigators are struggling to track these funds, highlighting the importance of privacy-focused platforms in the growing threat of crypto crime. However, authorities are continuing to probe the breach, hoping to identify the perpetrators.
Regulators like the SEC and CFTC are anticipated to strengthen crypto restrictions in addition to the inquiry. Targeting sites such as Tornado Cash, which have turned into a central location for the laundering of stolen goods, is the goal of these measures. Significantly, the WazirX hack raises alarms within the industry about the effectiveness of current security systems.
Calls for Stronger Crypto Security and Regulation
Furthermore, as exchanges face increasing security threats, stakeholders are advocating for more robust anti-fraud measures. Tether and TRON's recent collaboration, forming the T3 Financial Crime Unit, signifies a step toward combating crypto crime. Additionally, the global crypto could witness heightened enforcement actions as regulators ramp up efforts.
The WazirX hack has not only shaken user confidence but also forced crypto firms to reconsider their security infrastructure. The ongoing blame game between WazirX and its custodian partner, Liminal, underscores the need for better security standards.
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