Breaking: Indian crypto exchange WazirX Hacked for $235M – Are Your Funds SAFU? 

The post Breaking: Indian crypto exchange WazirX Hacked for $235M – Are Your Funds SAFU?  appeared first on Coinpedia Fintech News

In a rather shocking incident, WazirX, a popular crypto exchange in India, is now the latest victim of a hacker attack losing $235 million, which makes it one of the largest heists of the year. 

Web 3 security firm Cyvers Alert was the first to flag this breach based on multiple unhealthy transactions of the WazirX Safe Multisig wallet on Ethereum. What’s more surprising is that the hacker has already started to sell the stolen funds and the crypto exchange hasn’t said a word on the security of user funds despite acknowledging the hack.

The unscratched funds nearing $234.9 million that were initially in the Safe Multisig wallet were  transferred to a new wallet, and every transaction was funded through Tornado Cash. The attackers were also quick to cash out the stolen funds i.e. Tether (USDT), Pepe (PEPE) and Gala (GALA) and changed to Ether (ETH).

Crypto analyst and investigator ZachXBT said in his Telegram channel that the primary hacker remains with more than $104 million. The portfolio of the wallet as of now is very rich and the attacker yet has $100M+ worth of SHIB and $4.7M+ FLOKI to sell

WazirX acknowledges the $230 million breach

The exchange revealed in a post on X, now formerly Twitter that they are working to identify the perpetrator who got a way into their multisig wallets and are trying to recover users’ assets. All cryptocurrency and INR withdrawals have been put on hold temporarily to avoid further losses. 

As for users, they have stated that more releases will be served in the course of further escalation of the situation but no assurance was provided regarding the safety of funds.

Keeping your funds safe

That is why in light of this incident, crypto users need to take precautionary measures to save their funds. Here are some key recommendations for you

1. Use hardware wallets: It is recommended that the majority of your crypto assets be kept in the hardware wallets which are offline and can therefore not be hacked.

2. Enable two-factor authentication (2FA): The main recommendation is to enable 2FA on the exchange and wallet accounts to enhance the protection and add another layer of security to your crypto.

3. Regularly monitor accounts: Keep an eye on your accounts and immediately contact your financial institution if you witness strange activities on your account.

4. Diversify storage: Avoid applying a single method of investing your money. No, it is not safe; it is preferred to distribute them in other wallets in case you lose all your money.

Also Read: North Korean Hackers Exploit Crypto Industry with Fake Job Applications