According to the latest update shared by Lookonchain, a prominent on-chain analytics platform, the hacker behind the massive $230 million theft from WazirX appears to have now strategically converted a substantial portion of the stolen assets into Ethereum (ETH).
This maneuver, as identified by the on-chain analytics firm, reveals that the cybercriminal swapped various stolen cryptocurrencies for approximately 43,800 ETH, which is valued at around $149.46 million.
Currently, the perpetrator’s digital wallet holds roughly 59,097 ETH, alongside a remaining balance of $15 million in lesser-known tokens like Dent, Chromia, Celer Network, and Frontier.
Experts from Spot On Chain and PeckShield have explained why the hacker converted the stolen funds to Ethereum.
As reported by Cointelegraph, these experts explained that, unlike certain ERC-20 tokens, which can blacklist suspicious addresses to prevent further movement of stolen funds, ETH itself does not possess such contract functions.
This critical difference renders ETH a safer haven for illicit actors looking to secure their ill-gotten gains swiftly.
PeckShield particularly noted: “Swapping to Ether quickly can help the hacker secure their funds before any preventative measures are taken by authorities or the issuers of centralized tokens.”
Notably, the breach, which originally transpired on Thursday, targeted WazirX's multisig wallet and resulted in the theft of over 200 distinct crypto assets, including popular ones like Shiba Inu and Ethereum, as well as lesser-known tokens like Polygon and PePe memecoin.
Following the breach, WazirX immediately suspended all withdrawals and declared the incident a “force majeure event”—a legal term for unforeseeable circumstances that prevent someone from fulfilling a contract.
Blockchain security firms, including Elliptic, have posited that the attack might be linked to North Korean hackers, who are known for their sophisticated cyber operations.
