Stolen crypto from WazirX mostly converted to Ether: Report

Most of the $230 million in assets stolen from Indian crypto exchange WazirX last month has been converted to Ether [ETH].

A major part of the more than $230 million in assets stolen from Indian crypto exchange WazirX last month has been converted to Ether [ETH], the second biggest cryptocurrency by market capitalisation, according to the crypto tracker Lookonchain.

This comes to a little over 59,000 ETH, with 1 ETH being worth around $2,373.56 on September 4. The total value comes to around $200 million, per crypto outlet Coin Desk, which also reported that a cryptocurrency “mixer” known as Tornado Cash was used to carry out currency transport. Mixers like Tornado Cash are often used by illicit actors to cover up the origin of their crypto.

While the nature of blockchain technologies and the digital ledgers allow people to track the movement of allegedly stolen funds, it is much harder or even impossible for law enforcement authorities to recover illegally obtained assets.

Some WazirX users quickly latched on to the information, expressing disappointment and grief over the lost funds.

In response to the cyberattack and its impact on the exchange’s token holdings, WazirX halted crypto trading activities and only partially resumed INR withdrawals this week.

The company said it has applied for a moratorium through the Singapore legal system in order to buy some time while it undergoes restructuring and comes up with a recovery plan.

WazirX CEO Nischal Shetty was strongly criticised for his slow updates regarding the cyberattack and for not resuming crypto withdrawals.