In a recent development, the hacker who breached the WazirX cryptocurrency exchange has moved $6.5 million worth of Ethereum via Tornado Cash. Tornado Cash is a popular platform that provides transactional privacy by breaking the on-chain link between the recipient and destination addresses. This move has raised serious concerns regarding the security of decentralized exchanges, and the ease with which cybercriminals can launder stolen funds.
The hacker initially stole a total of $8.2 million in Ethereum from the WazirX exchange. The breach, which took place in June this year, is considered one of the largest in the crypto industry. It is also noteworthy that despite the high security measures taken by most crypto exchanges, hackers are still able to bypass these precautions and make off with substantial amounts.
The movement of such a large sum of money through Tornado Cash demonstrates the need for improved security measures within the crypto industry. In addition, it also highlights the potential risks associated with using decentralized exchanges. While these platforms offer a higher degree of privacy, they also provide a perfect laundering ground for cyber criminals. This incident serves as a reminder of the inherent risks involved in cryptocurrency trading and the need for constant vigilance and improved security measures.
