WazirX Hacker Consolidates $57M ETH into New Wallets

The hacker responsible for the $230 million WazirX theft has moved $57 million worth of stolen Ether （ETH） into new wallets. This article examines the implications of this on-chain movement and WazirX’s response.

Points

• WazirX hacker transfers $57 million worth of ETH to new wallets.
• Over $54 million was sent to a single address.
• WazirX launches bounty programs to track and recover stolen funds.
• The hack highlights ongoing security challenges in the crypto space.

Significant On-Chain Movement

The hacker behind the $230 million theft from WazirX, an Indian cryptocurrency exchange, has moved $57 million worth of stolen Ether （ETH） into two new wallets. According to blockchain security firm PeckShield, the lion’s share, over $54 million, was sent to a single address, “0x58d.”

WazirX’s Response

In response to the hack, WazirX has doubled its bounty program to aid in tracking and recovering the stolen funds. The track and freeze bounty offers up to $10,000 in Tether （USDT） for actionable intelligence leading to the freezing of the stolen assets. The white hat recovery bounty, which rewards ethical hackers with up to 10% of the recovered amount, has been increased to $23 million.

Security Challenges in the Crypto Space

This high-profile hack underscores the persistent security challenges in the cryptocurrency industry. Hackers often funnel stolen funds into Ether to prepare them for laundering, as ETH lacks built-in means to freeze assets. The WazirX hacker converted $149 million worth of altcoins into Ether last week, highlighting the need for robust security measures.

Conclusion

The movement of $57 million worth of stolen ETH into new wallets by the WazirX hacker signifies ongoing security concerns in the crypto space. WazirX’s proactive response with bounty programs reflects the industry’s efforts to combat such threats and recover stolen assets. Investors and exchanges must remain vigilant and prioritize security to protect against similar incidents.