Breaking: Indian Crypto Exchange Wazirx Hacked for $235M – Are Your Funds Safu?

Breaking News: Indian Crypto Exchange Wazirx Hit with $235M Hack

In a major security breach, WazirX, a prominent Indian crypto exchange, has fallen victim to a cyberattack resulting in a loss of $235 million, making it one of the largest heists of the year.

Cybersecurity firm Cyvers Alert initially detected the incident, observing suspicious transactions from WazirX's Safe Multisig wallet on Ethereum. The stolen funds have been dispersed into a new wallet and laundered through Tornado Cash. The attackers have converted stolen Tether (USDT), Pepe (PEPE), and Gala (GALA) into Ether (ETH).

Crypto investigator ZachXBT reported that the primary hacker still holds over $104 million. The attacker's wallet currently contains significant amounts of Shiba Inu (SHIB) and Floki Inu (FLOKI).

WazirX Acknowledges Breach

WazirX has confirmed the $230 million hack. The exchange is investigating the incident and attempting to recover user assets. All cryptocurrency and INR withdrawals have been suspended to prevent further losses.

Protecting Your Funds

In light of this incident, crypto users are advised to take precautionary measures to safeguard their funds:

1. Store crypto assets in hardware wallets, which are offline and less vulnerable to hacking.
2. Enable two-factor authentication (2FA) on exchange accounts to add an extra layer of security.
3. Monitor accounts regularly and promptly report any unusual activity to financial institutions.
4. Diversify storage by distributing funds across multiple wallets.