On July 18, the Indian crypto platform WazirX was exploited for about $235 million, with blockchain investigators suggesting the attack was carried out by the North Korea-backed Lazarus Group. The attacker converted most of the stolen assets into Ethereum, now holding nearly 60,000 ETH valued at around $201.67 million.
The conversion into Ethereum, the second-largest digital asset by market cap, indicates a sophisticated money laundering technique, including the use of crypto mixing services like Tornado Cash. Despite the quick implementation of countermeasures by WazirX, recovering the funds seems unlikely.
Blockchain analyst Lookonchain reported that the attacker had converted most of the stolen assets to 43,800 ETH, worth $149.46 million. The exploiter’s address still holds up to $15 million in lesser-known digital assets, including 1.66 billion DENT and 6.76 million CHR.
WazirX’s post-mortem report revealed the attack resulted from discrepancies between data on Liminal’s interface and the transaction’s content, describing the event as “force majeure” and beyond its control. The exchange is actively working to recover the stolen funds.
The incident highlights the importance of robust security measures and the complexity of modern cyber-attacks. For additional information, see the details reported by Lookonchain and the post-mortem report on WazirX’s official account.
