Indian Crypto Exchange WazirX Hack: What Does a Hacker Do with Stolen Assets?
Javier Gil
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Indian Crypto Exchange WazirX Hack: What Does a Hacker Do with Stolen Assets?
This morning, India’s largest exchange, WazirX, was hacked, resulting in the theft of assets worth over $234.9 million. This incident underscores the importance of not storing assets in exchange wallets and being meticulous when selecting a platform to work with.
Immediately after the hack, the wallet where the fraudsters transferred the assets was leaked online. This made it relatively easy to track their next steps. Below, we provide a link to the wallet and detail the stolen assets and the hackers’ subsequent actions.
WazirX Exchange Hack
Cyvers Alerts was the first to report the hack, having detected “multiple suspicious transactions” involving the Safe Multisig wallet on Ethereum.
According to the report, a total of $234.9 million in funds were transferred to a new address. Interestingly, the initiator of the transaction was funded by Tornado Cash.
ZachXBT, a well-known blockchain transaction researcher, provided a detailed analysis of the WazirX hack. Here are the highlights and an overview of his findings:
Seed Funding via Tornado Cash:
Transaction Tracking:
End of Tracking:
ZachXBT noted potential signs of a Lazarus Group attack and called on the WazirX team to be transparent in their actions. The Lazarus Group is a cybercrime organization linked to North Korea, known for sophisticated and large-scale cyber attacks globally.
Currently, the Indian exchange has temporarily suspended the withdrawal of cryptocurrencies and Indian rupees on the platform.
Is the Hacker Selling Assets for ETH?
The attacker’s wallet, “0x04b2,” has come under scrutiny as it has begun dumping these assets on the market. Specifically, the wallet has already sold 640.27 billion PEPE tokens worth approximately $7.6 million.
After analyzing the wallet, here is a detailed list of assets stolen from WazirX:
领英推荐
So far, the attacker has unloaded all of their PEPE, GALA, RNDR, COS, OGN, and REQ, among others, receiving 5,270 ETH ($18.14 million) in return. It appears they continue to sell assets for ETH.
Additional Hacker Wallets for Monitoring:
Implications and Market Reaction
The scale of this asset movement is significant, raising questions about the security measures at WazirX and the potential market impact of such a large asset dump. The cryptocurrency community and investors are closely monitoring the situation and awaiting further updates from WazirX and other authorities involved in the investigation.
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Conclusion
The WazirX hack serves as a stark reminder of the vulnerabilities in storing assets on exchange wallets. The swift actions and transparency from the cryptocurrency community, including researchers like ZachXBT, are crucial in tracking and potentially mitigating the impact of such breaches. As the investigation continues, it is imperative for exchanges to strengthen their security measures and for users to consider more secure methods of storing their assets.
The ongoing developments will be closely watched, with hopes for a resolution that minimizes the damage to the affected users and the broader cryptocurrency market.
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