Indian Crypto Exchange WazirX Potentially Hacked for $235 Million

Potential Security Breach at Indian Cryptocurrency Exchange WazirX

Indian cryptocurrency exchange WazirX is facing a possible security breach, as reported by cybersecurity firm Cyvers Alerts. Unauthorized transactions involving WazirX's Safe Multisig wallet resulted in the loss of approximately $234.9 million worth of funds on the Ethereum network.

According to Cyvers Alerts, the transactions originated from accounts funded by TornadoCash, a cryptocurrency mixing service known for obscuring transaction trails. This raises suspicions about the legitimacy of the transfers.

Cyvers Alerts alleges that the stolen funds were swiftly converted from various digital assets, including $PEPE, $GALA, and $USDT, into Ethereum ($ETH) and then into other digital assets. This rapid conversion suggests an attempt to launder the stolen funds. The attacker currently holds over $100 million worth of SHIB and over $4.7 million FLOKI for potential sale.

The stolen tokens include significant amounts of Shib, ETH, Matic, Pepe, USDT, Gala, and others. They have been transferred from WazirX to the wallet "0x04b2." The attacker has already sold nearly 640.27 billion Pepe tokens ($7.6 million).

Cyvers Alerts claims to have attempted contacting WazirX 30 minutes before issuing the public alert, but did not receive a response.

However, WazirX has since released a statement acknowledging the breach and stating that its team is investigating the incident. To protect user funds, INR and crypto withdrawals have been temporarily suspended.

This incident underscores the critical importance of cybersecurity in the cryptocurrency industry. Investors are advised to be cautious when using exchange platforms and to monitor their accounts for any suspicious activity.