The post Indian Crypto Exchange WazirX Falls Victim to $235M Hack appeared on BitcoinEthereumNews.com.

Coinspeaker Indian Crypto Exchange WazirX Falls Victim to $235M Hack In a startling incident, WazirX, one of India’s prominent cryptocurrency exchanges, has suffered a significant security breach, resulting in the theft of roughly $235 million. The hack was initially flagged by the Web 3.0 security firm Cyvers, which identified unusual activities involving WazirX’s Safe Multisig wallet on the Ethereum network. Details of the Breach Cyvers alerted the community via Twitter, revealing that several transactions had transferred $234.9 million from WazirX’s Safe Multisig wallet to a new address. Cyvers had detected the suspicious transactions and attempted to contact WazirX 30 minutes prior to their public announcement, but received no reply. These transactions were traced back to Tornado Cash, a decentralized platform known for its ability to facilitate private transactions on Ethereum. A portion of the stolen funds, including Tether (USDT), Pepe (PEPE), and Gala (GALA), have already been converted into Ether (ETH). This rapid conversion to ETH suggests an effort to obscure the transaction trail, complicating the recovery of the stolen funds. 🚨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 Further insights from crypto investigator ZachXBT on Telegram highlighted that the hacker’s primary address still contains over $104 million worth of digital assets. The stolen funds comprise approximately $100 million in Shiba Inu (SHIB), $52 million in ETH, and $11 million in Polygon (MATIC). Other significant holdings include $4.7 million in FLOKI, $3.2 million in Fantom (FTM), $2.8 million in Chainlink (LINK), and $2.3 million in Fetch.ai (FET), with numerous other tokens also affected. WazirX’s Response Following the…

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Filed under: News - @ July 18, 2024 2:32 pm