The recent cybercrime incident involving the theft of over $235 million from the Indian crypto exchange WazirX has taken a new turn. According to blockchain security firm Cyvers, the hacker responsible for the theft has transferred around $10 million through sanctioned Tornado Cash in the past 24 hours. This laundering tactic is reminiscent of strategies employed by the North Korea-backed Lazarus Group, known for its involvement in over $2 billion worth of crypto thefts.
As the WazirX hacker continues to launder stolen assets, market analysts have drawn parallels between these actions and those of the Lazarus Group. The hacker has already moved approximately 5,000 ETH to a new wallet address, raising concerns about the origins and destination of these funds. Meanwhile, WazirX announced an early withdrawal window for users to access 66% of their Indian rupee (INR) token balances, a move that has sparked dissatisfaction among some users.
Despite WazirX’s efforts to provide partial access to funds, users remain skeptical about the future of their crypto holdings. The exchange’s legal team has hinted that users may only be able to recover 55% to 57% of their assets, further complicating an already delicate situation. Additionally, WazirX has sought restructuring in Singapore to address its liabilities, signaling potential financial struggles ahead.
The rise of cybercrime in the crypto space presents significant challenges for both exchanges and users. The recent incident involving WazirX highlights the importance of robust security measures and proactive response strategies to mitigate the impact of such attacks. As hackers become increasingly sophisticated in their tactics, the need for vigilance and adaptability within the crypto community becomes more pronounced. It remains to be seen how exchanges like WazirX will navigate these challenges and uphold the trust of their users amidst mounting legal and financial uncertainties.