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WazirX, India’s top crypto exchange, has been hit by a security breach resulting in a loss of over $230 million worth in crypto, WazirX confirmed in a recent post. The exchange said it would temporarily suspend INR and cryptocurrency withdrawals to protect user funds.
📢 Update: We’re aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding.…
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 18, 2024
The attack was initially reported by Cyvers Alert early Thursday. According to Cyvers, the hacker stole crypto assets, including Pepe (PEPE), Gala (GALA), and Tether (USDT), from the exchange’s Safe Multisig wallet, transferred the stolen funds to a new address, and then converted them into Ethereum (ETH).
“The suspicious address has already swapped $PEPE, $GALA, and $USDT to $ETH and continues to swap other digital assets,” Cyvers Alert noted, adding that the hacker used Tornado Cash, a privacy-enhancing tool, to obscure the movement of funds.
The Cyvers team claimed to have attempted to contact WazirX at the time of discovery but received no response.
According to on-chain investigator ZachXBT, the hacker still has $100 million in Shiba Inu (SHIB) and $4.7 million in Floki Inu (FLOKI) at the time of reporting.
This is a developing story. We’ll give updates on the situation as we learn more.
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