$235M WazirX Exchange Hack Has Implications For India’s Crypto Industry – BitcoinWorld
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The massive $235M hack on the Indian cryptocurrency exchange WazirX on July 18 has raised serious questions about exchange security and the future of India’s crypto industry. The attack unfolded with alarming speed and precision, with Web3 security firm Cyvers being among the first firms to detect “multiple suspicious transactions” involving WazirX’s “Safe Multisig” wallet on Ethereum. 🚨ALERT🚨Hey @WazirXIndia, Our system has detected multiple suspicious transactions involving your Safe Multisig wallet on the #ETH network. A total of $234.9M of your funds have been moved to a new address. Each transaction’s caller is funded by @TornadoCash. The suspicious… pic.twitter.com/4sajAwd4Hb — 🚨 Cyvers Alerts 🚨 (@CyversAlerts) July 18, 2024 The attacker was able to move a staggering $234.9 million worth of funds to a new address, with each transaction’s caller being funded with assets from cryptocurrency mixer Tornado Cash. The stolen funds consisted of a diverse selection of cryptocurrencies, including Tether (USDT), Pepe (PEPE), and Gala (GALA), with the attacker swiftly converting these assets into Ether (ETH) in an attempt to obfuscate the trail of stolen funds. The exchange’s wallet also contained approximately $100 million in Shiba Inu (SHIB), $52 million in ETH, $11 million in Polygon’s MATIC, and smaller amounts of other tokens. In response to the security breach, WazirX immediately suspended withdrawals of both cryptocurrencies and Indian rupees on the platform. The exchange further announced that it was “actively investigating the incident.” When asked to comment on the situation, Rajagopal Menon, a spokesperson for WazirX, said: “We can’t speak to the press right now. You can get updates from our Twitter handle.” The Future Of India’s Crypto Sector The hack could have major implications for India’s cryptocurrency sector, which has flourished despite government pressure. Utkarsh Tiwari, the chief strategy officer for Indian cryptocurrency exchange KoinBX, said that a security…
Filed under: News - @ July 23, 2024 4:24 pm