The recent hack on India-based cryptocurrency exchange WazirX has led to the successful conversion of most stolen funds into Ethereum (ETH).
The hacker has managed to convert around $206 million worth of stolen crypto into ETH, leaving approximately $5.6 million in other cryptocurrencies.
According to Crypto Ady, founder of Cryptoo India, the hacker currently holds the stolen assets across three wallets:
Wallet 1: Approximately $153.5 million worth of ETH, Wallet 2: Approximately $53.5 million worth of ETH, and Wallet 3: Approximately $5.6 million worth of various cryptocurrencies.
WazirX Seeking Partnerships To Restore Operations
WazirX is actively in search of partnerships to restore full operations following the big exploit, which resulted in the loss of a significant amount of its funds. Co-founder Nischal Shetty shared an update on social media on July 23, informing users about the exchange’s efforts to resolve the situation. He said:
“I’ve been reaching out to various potential partners trying to figure a resolution that would help our customers. We’re figuring various directions that can possibly help enable the platform deposits/withdrawals/trading.”
The hack, which took place on Thursday, led WazirX to instantly pause all buying and selling. The stolen funds, amounting to $230 million, have been taken from one of the exchange’s multi-sig wallets. These wallets require two or more private keys to validate and authorize transactions, making the breach particularly concerning.
In response to the hack, WazirX has launched a $23 million bounty program to recover the stolen funds. The program invites the community to participate in two distinct bounty initiatives aimed at tracing and retrieving assets. So far, WazirX has received 133 entries for its bounty program and is in the process of reviewing them.
Also read: WazirX Files Report To FIU In Response To $230M Hack
Infamous Lazarus Group Behind the Hack?
Experts believe the cybercriminal group Lazarus, affiliated with North Korea, is in the back of the hack. The current situation has confused WazirX users, who are waiting for full operations to resume.
The exchange’s efforts to find a solution illustrate the difficulty that centralised exchanges face in safeguarding their systems and protecting customer funds.
As the inquiry progresses, the cryptocurrency community keeps a close eye on the issue. The outcome of WazirX’s efforts to recover stolen assets and restore operations will be critical in preserving user trust and confidence in the platform.