WazirX Exploiter Launders $12 Million in ETH Through TornadoCash

  blockchainreporter.net 1 h

The WazirX exploiter-labeled address has moved another batch of 5,000 ETH, worth approximately $12 million, to a new intermediary address, according to a September 20th report by blockchain security firm PeckShieldAlert. The funds, transferred to address 0xdBdE…8C56, were swiftly laundered, with 4,900 ETH processed through TornadoCash, a popular decentralized privacy tool.

#PeckShieldAlert The #WazirX exploiter-labeled address has moved the 10th batch of 5K $ETH (worth ~$12M) to a new intermediary address 0xdBdE…8C56 & has already laundered 4.9K $ETH via #TornadoCash
The #WazirX exploiter-labeled addresses have laundered a total of 52.5K $ETH… pic.twitter.com/UdQqIsJvVy

— PeckShieldAlert (@PeckShieldAlert) September 23, 2024

This latest transaction marks the 10th batch of funds moved by the WazirX exploiter, bringing the total laundered ETH to 52,500 ETH. The cumulative value of the laundered assets now stands at approximately $139 million. TornadoCash has been repeatedly used by the exploiter to obscure the flow of stolen assets, adding to concerns about the platform’s use in illicit financial activities.

BingX Hack Sees Losses of Over $26 Million

In a separate but equally alarming breach, a few days back, cryptocurrency exchange BingX fell victim to a hack resulting in the theft of approximately $26.68 million worth of digital assets. The stolen funds primarily flowed from Ethereum and Binance’s BNB Chain, according to PeckShieldAlert.

#PeckShieldAlert #BingX has been hacked with loss of ~$26.68M worth of cryptos. The stolen funds mainly outflowed from #Ethereum & #BNBChain.
The hacker has already swapped most of the stolen assets for ~4,526 $ETH & 7,864.7 $BNB.
Check the details of stolen assets here:… pic.twitter.com/4m2OfxTpsV

— PeckShieldAlert (@PeckShieldAlert) September 20, 2024

According to Peckshield, the hacker behind the BingX exploit has reportedly converted the stolen assets, amassing 4,526 ETH and 7,864.7 BNB in the process. The loss underscores the ongoing security challenges facing cryptocurrency platforms, as both Ethereum and BNB Chain continue to be popular targets for large-scale attacks.

These incidents highlight growing concerns about the security of cryptocurrency exchanges and the persistent use of decentralized privacy tools like TornadoCash to facilitate the laundering of stolen funds. Both the WazirX and BingX exploits reflect the urgent need for enhanced security measures and regulatory oversight in the cryptocurrency space, as hackers continue to leverage blockchain technology to obscure their activities.

Source