The hacker responsible for stealing $230 million from WazirX in July has nearly finished laundering the funds, with just $6 million worth of Ethereum (ETH) left, based on Arkham Intelligence on-chain data.

Most of the stolen assets were moved through Tornado Cash, a service known for obscuring digital transactions.

Funds laundered

The breach, which compromised over 45% of the Indian exchange’s reserves, involved a range of assets, including over $100 million in Shiba Inu (SHIB) and $52 million in Ethereum taken from a compromised wallet.

Arkham data shows the hacker has transferred over $50 million through Tornado Cash since August, intensifying activity in recent weeks. A recent transfer involved 3,792 ETH, approximately $10 million.

Tornado Cash, a tool that helps mask wallet addresses, has become a common means for criminals to launder crypto. While the service itself is not illegal, its misuse in criminal schemes has drawn significant attention.

Earlier this year, Tornado Cash developer Alexey Pertsev was convicted of money laundering in the Netherlands and sentenced to over five years in prison.

Restructuring

Following the hack, WazirX entered a restructuring process in Singapore to manage its liabilities. Despite efforts to recover the stolen assets, the exchange has faced criticism for its crisis response and lack of transparency with users.

Adding to the controversy, Binance, a former business partner of WazirX, clarified that it was not involved in the hack and does not control or manage WazirX operations.

The statement contradicted claims made by WazirX co-founder Nischal Shetty in August, further complicating the exchange’s public relations challenges.

With the majority of the stolen funds now laundered, WazirX continues to face hurdles in its recovery efforts, raising questions about the exchange’s future and broader security concerns within the industry.

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