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Shiba Inu hacker moves $23.3 million in stolen Ethereum

Shiba Inu hacker moves $23.3 million in stolen Ethereum

GrafaGrafa2024/09/12 05:45
By:Isaac Francis

The hacker responsible for the WazirX (CRYPTO:WRX) cryptocurrency breach, who stole $100 million in Shiba Inu (CRYPTO:SHIB) and other assets, is actively moving the stolen funds to cover their tracks. 

According to on-chain intelligence platform Spot On Chain, the hacker recently transferred 10,000 Ethereum (CRYPTO:ETH), valued at about $23.3 million, in a continued effort to launder the stolen assets. 

This maneuver comes amid Ethereum's struggle to rise above the $2,400 mark. 

The WazirX breach in July led to a loss of roughly $230 million in crypto assets. 

Among these, the most significant amounts were over $100 million in SHIB and $52 million in ETH. 

Blockchain analytics firm Elliptic has linked the attack to hackers associated with North Korea. 

Immediately after the breach, the hackers started liquidating their large reserves of SHIB, causing a rapid decline in the token's price as the market absorbed the increased supply. 

Since the breach, the attackers have persistently worked to launder the stolen cryptocurrencies, with Ethereum remaining a primary target. 

Recently, the hackers moved 5,000 ETH to Tornado Cash (CRYPTO:TORN), a privacy protocol often utilised by cybercriminals to obscure stolen digital assets. 

An additional 5,000 ETH was transferred to a newly created wallet, presumably for continued laundering operations. 

Over the last eight days, the hackers have successfully laundered a total of 12,600 ETH, equivalent to around $30.13 million. 

Currently, they still control approximately 43,805 ETH, worth about $102.17 million. 

Including various other tokens, the total value of the assets they hold is estimated at $107.58 million. 

The substantial amount of ETH and other tokens still under the hacker's control poses a significant risk to the cryptocurrency market. 

With Ethereum already facing market volatility and struggling to hold above crucial support levels, any large-scale sell-offs by the hackers could lead to increased selling pressure and potentially further destabilise prices. 

WazirX, initially blaming the crypto custody firm Liminal for the breach, has now shifted its focus to recovery efforts. 

The exchange is undertaking a comprehensive restructuring plan to manage the financial fallout from the hack. 

Given that the stolen funds represent nearly 45% of WazirX’s $500 million holdings, this recovery process is expected to take time. 

At the time of reporting, the Shiba Inu (SHIB) price was $0.0000134, and the Ethereum (ETH) price was $2,370.14.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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