Crypto Exchange WazirX Temporarily Halts Trading Service Amid Exploit Craze
The post Crypto Exchange WazirX Temporarily Halts Trading Service Amid Exploit Craze appeared on BitcoinEthereumNews.com.
In a sudden and alarming development within the Indian cryptocurrency market, WazirX, the nation’s largest digital asset exchange has temporarily suspended its trading services following a recent hack incident faced by the platform in the prior week. This action was necessary in response to the hack on the exchange, which has a sizable user base and is essential to the nation’s developing cryptocurrency industry. WazirX Puts Crypto Trading Services On Hold Last week, the India-based crypto exchange WazirX became the latest victim of a cyber attack, which has become a major discussion within the crypto community. The incident is believed to be linked with the famous North Korean hackers known as Lazarus Group. According to the exchange, the hackers targeted one of its multi-sig wallets, leading to the loss of millions of digital assets. Data from on-chain tracker Cyvers Alerts revealed that the criminals stole over $235 million involving major digital assets like Shiba Inu, Ethereum, PEPE, and GALA, among others. However, the exchange has acted quickly to protect the funds of its users by halting its trading activities as a result of the breach, which has caused major concerns about the security of digital assets on the platform. WazirX noted that the cyberattack theft had affected the platform’s capacity to keep its 1:1 collaterals with assets, which is why the trading services were suspended in order to prevent more damage. It is worth noting that the team also suspended withdrawals last week after the platform was attacked so as to protect its user’s funds. “Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused,” the team stated. Even though the team has temporarily paused trading services and withdrawals on the platform, they have highlighted their commitment to carrying…
Filed under: News - @ July 22, 2024 11:28 am