A hacker responsible for the WazirX attack transferred $57 million worth of stolen assets to two new cryptocurrency addresses.
Points
- The hacker transferred 16,350 Ethereum valued at over $57 million.
- WazirX has intensified its bug bounty efforts, offering up to $23 million in rewards.
- The exchange has paused trading to conduct a forensic data examination and security audit.
- The hacker’s use of multiple addresses indicates attempts to obfuscate the fund’s trail.
- WazirX is struggling to maintain 1:1 collaterals, impacting trading volumes.
The WazirX attack has taken a new turn as the hacker responsible has transferred $57 million worth of stolen assets to two new cryptocurrency addresses. This latest move involved shifting 16,350 Ethereum, valued over $57 million, to new wallets. According to blockchain security firm PeckShield, most of these funds, worth over $54 million, were sent to an address starting with “0x58d”.
In response to the attack, WazirX has doubled the cap for its white hat reward to $23 million: “Following community feedback, the reward has been doubled to $23 million.” This incentive aims to enlist the help of ethical hackers in tracking and recovering the stolen assets. So far, 54 white hat hackers have registered for WazirX’s recovery program.
WazirX has paused trading to conduct a thorough forensic data examination and security audit. Founder Nischal Shetty stated that the recovery process will take time. The exchange has launched a $23 million bounty program to recover stolen funds and increased the bounty amount to incentivize ethical hacking.
The hacker’s use of multiple addresses indicates attempts to obfuscate the fund’s trail. Due to the lack of a direct method to freeze Ethereum, malicious actors often convert stolen funds into Ethereum to prepare them for laundering. This likely explains why the WazirX hacker recently converted $149 million worth of altcoins into Ethereum.
The 230 million-dollar attack on WazirX has been one of the largest in 2024, highlighting significant security vulnerabilities in the crypto exchange. WazirX’s efforts to recover the stolen assets and strengthen its security measures are critical steps toward rebuilding trust with its users.
解説
- Bug Bounty Efforts: WazirX’s increased bug bounty program aims to recover stolen assets through community-driven efforts, offering substantial rewards to white hat hackers.
- Fund Obfuscation: The hacker’s use of multiple addresses to transfer stolen Ethereum is a tactic to hide the trail of funds, complicating recovery efforts.
- Impact on WazirX: The hack has severely impacted WazirX’s trading volumes and liquidity, as the exchange struggles to maintain 1:1 collaterals.
- Crypto Laundering: Converting stolen funds into Ethereum is a common tactic for preparing them for laundering, taking advantage of the difficulty in freezing Ethereum transactions.
- Security Measures: WazirX’s pause on trading and forensic data examination are crucial steps in addressing the security breach and preventing future attacks.