Indian exchange WazirX loses $234m in recent exploit

Massive Exploit Strikes WazirX: $234 Million Lost

WazirX, a prominent Indian cryptocurrency exchange, has fallen victim to a high-profile exploit, losing over $234 million in various crypto assets.

Security Breach Detected

Cybersecurity firm Cyvers identified the breach, confirming that it involved WazirX's Ethereum multi-signature wallet. On-chain data corroborates the losses, amounting to $234.9 million.

Hackers' Trail

The hack commenced on July 18th, 2024 at 06:19 UTC, with the initial transfer of 4.1 Gnosis (GNO) from a WazirX wallet to the exploiters' address. Subsequent transactions saw the theft of assets, including Pepe (PEPE) and Shiba Inu (SHIB).

Obfuscation Techniques

The hackers employed numerous addresses to conceal the stolen funds, transferring them between these addresses and ultimately swapping them for Ethereum (ETH) using Uniswap V3. Three identified hacker-controlled addresses currently hold these funds.

WazirX Response

WazirX has acknowledged the breach, stating that its security team is investigating. The exchange has suspended withdrawals in both crypto and Indian rupees (INR) as a protective measure.

Industry Trend

This incident joins a string of recent exploits in the cryptocurrency space. LI.FI, a decentralized cross-chain protocol, lost over $8 million just two days prior. Reports indicate that hacks resulted in a collective loss of $176.2 million in June.

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