The crypto world was shocked last week by the hacking and successful looting of about $230 million from WazirX, India’s largest cryptocurrency exchange.
The hacker’s latest on-chain activity is the movement of about $57 million worth of ETH from its loot to two new addresses.
The Hacker continues its efforts to funnel the stolen funds by moving about 16,350 ether worth over $57 million to two new addresses.
The Onchain activity by the hacker was picked up by Blockchain security firm Peckshield who shared their findings on X with their community.
‘#PeckShieldAlert The #WazirX Hacker -labeled addresses has transferred ~16.35K $ETH (worth ~$57m) to 2 new addresses” Peckshield tweeted
A bulk share of the $57 million in ETH ($54 million) was moved to a specific address “0x58d”. as the hacker continued to make efforts to funnel the stolen assets.
The Wazir X attack was the second-largest hack in 2024 and started a vibrant discussion on the security of crypto platforms and their vulnerability to hacks.
Tracing the On-chain activity of the hacker could help reveal specific data on the identity and perhaps the location of the hacker.
Bounty program by Wazir X doubled
In an effort to retrieve the stolen assets worth over $230 million, the WazirX team has launched two bounty programs aiming to incentivize ethical hackers and on-chain investigators who can help in the freezing and returning of the asset.
The First bounty aims to promote the possibility of the tracking and freezing of the assets. The bounty program offers up to 10,000 USDT to anyone who can provide actionable intelligence leading to the freezing of the stolen assets.
The second Bounty program named the white house recovery Bounty aims to reward ethical hackers with 10% of the amount they can help recover. The white hat program’s upper limit was doubled to $23 million according to a CoinTelegraph source.
Force Majeure Event
The WazirX team in a special statement on their findings on the hack which led to the loss of over $230 million in assets from the exchange explained that the heist was a Force Majeure event that was beyond their control. They also explained that they were leaving no stone unturned in their efforts to retrieve the stolen assets assuring their users to stay calm and exercise patience.
The hackers targeted WazirX’s multi-sig wallet which was operated using the services of Liminal digital asset custody and wallet infrastructure.
They were able to breach the wallet which had six signatories to cart away $230 million worth of assets in the second biggest hack of the year.
What to Know
- Suspicion in the crypto industry points to the notorious North Korean Lazaraus group which are one of the most dreaded black hat hackers in the industry.
- Wazir X native token plunged seriously after the Hack on the crypto exchange within its ecosystem.