WazirX Suffers Major Security Breach, Loses Over $230 Million
India’s largest cryptocurrency exchange, WazirX, has reported a major security breach resulting in the theft of over $230 million. The breach was first detected by Web3 security firm Cyver, who observed suspicious transactions involving WazirX’s multi-signature wallet, Safe Multisig.
WazirX has confirmed the breach and temporarily paused rupee and crypto withdrawals as a safety precaution. The company is actively investigating the incident and will provide further updates.
The stolen funds represent nearly 45% of WazirX’s reported $500 million reserves.
## What happened?
The attack targeted WazirX’s multi-signature wallet on the Ethereum network. This type of wallet requires multiple private keys for transaction authorization, but the perpetrator appears to have compromised one or more of these keys.
The stolen funds include:
* **$96.7 million in Shiba Inu (SHIB)**
* **$52 million in Ethereum (ETH)**
* **$11 million in Polygon (MATIC)**
* **$7.6 million in Pepe (PEPE)**
This breach follows a similar incident last month where Japanese crypto exchange DMM Bitcoin lost over $300 million in a hack. Security firm Elliptic suggests the recent WazirX hack may be linked to North Korean hackers.
## What does this mean for the crypto industry?
This incident underscores the importance of robust security measures for cryptocurrency exchanges. It highlights the vulnerabilities of multi-signature wallets and emphasizes the need for continuous vigilance against sophisticated attacks.
While investigations are ongoing, this incident serves as a reminder of the evolving threat landscape in the crypto space.
