$230 Million Hack Stuns India's Largest Exchange: Shiba Inu (SHIB) and PEPE Among Affected

Major Security Breach Affects India's WazirX Exchange

Cyvers Alert has reported a significant security breach involving WazirX, India's largest cryptocurrency exchange. Suspicious transactions detected in the exchange's Safe Multisig wallet on the ETH network resulted in the transfer of $234.90 million worth of funds to a new address. These transactions were initiated by entities funded through Tornado Cash, a notorious crypto mixer.

The compromised wallet has been exchanging various digital assets, including PEPE, GALA, and USDT, for ETH. WazirX has not yet responded despite attempts for clarification, suggesting that a malicious actor may have gained control of the safe wallet.

Whale Alert initially identified the massive transfers, highlighting a specific withdrawal of 5.4 trillion SHIB (equivalent to $102.13 million) from WazirX to an unknown address.

Further analysis by Lookonchain revealed the total stolen cryptocurrency includes:

• 5.43 trillion SHIB ($102 million)
• 15,298 ETH ($52.5 million)
• 20.5 million MATIC ($11.24 million)
• 640.27 billion PEPE ($7.6 million)
• 5.79 million USDT
• 135 million GALA ($3.5 million)

Founded in 2018, WazirX is a leading cryptocurrency exchange in India, catering to a user base of over 16 million. This security breach raises concerns about the platform's security measures and the safety of users' funds. The exchange is yet to provide an official statement on the incident.