Alleged North Korean-Linked Hackers Initiate Money Laundering Process

The individual or group responsible for the July hack of WazirX, one of India's largest cryptocurrency exchanges, has begun laundering the stolen funds. According to blockchain tracking and research firm Arkham, the hackers transferred 2,600 ETH to Tornado Cash, a privacy-focused cryptocurrency mixing service.

The WazirX hack resulted in the theft of cryptocurrencies worth approximately $234 million, including popular assets like PEPE, Shiba Inu, and MATIC. The majority of these stolen funds were subsequently converted into Ether. Withdrawals on the WazirX exchange have been suspended since July 21.

Tornado Cash, banned by the US and with one of its developers imprisoned in the Netherlands, is notorious for its use by crypto hackers seeking transaction privacy. The hackers are believed to be affiliated with the North Korean-linked Lazarus group, which gained notoriety in 2022 for stealing $600 million worth of cryptocurrency from the Ronin sidechain. The US alleges that Lazarus has contributed to funding North Korea's nuclear programs."

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