WazirX Hack : SHIB, FET, MATIC Among Impacted Assets in $230 Million
The post WazirX Hack : SHIB, FET, MATIC Among Impacted Assets in $230 Million appeared first on Coinpedia Fintech News
In a surprising twist, the largest cryptocurrency exchange in India, WazirX, has announced that its multisig wallets have experienced a major breach resulting in the loss of over $230 million digital assets. The WazirX attack was first reported by Cyvers Alert, which indicated that its system detected a suspicious address that had swapped several crypto assets for Ethereum (ETH).
Meanwhile, WazirX informed its users that its operations, primarily INR and crypto withdrawals, will temporarily be paused to allow investigations to proceed.
Update: We're aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding.…
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 18, 2024
Impacted Crypto Assets in WazirX Hack
The impacted digital assets include frog-themed meme coin Pepe (PEPE), GALA (GALA), Shiba Inu (SHIB) Fantom (FTM), Fetch.ai (FET), Floki Inu (FLOKI), Chainlink (LINK), Polygon (MATIC), and USDT.
According to ZachXBT, the WazirX attacker still has more than $100 million with big SHIB, and $4.7 million worth of FLOKI, which could potentially be swapped to Ether.
Furthermore, the WazirX attackers have been swapping the assets to Ether in preparation for depositing them to Tornado Cash, a crypto mixer.
ALERT
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
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What Next?
The attack on WazirX comes amid the ongoing crypto recovery led by Bitcoin and Ethereum. The crypto industry had shown early signs of bullish recovery as the Mt.Gox repayments proceeded without major glitches.
However, the major losses incurred by the WazirX could send major shockwaves to the entire crypto industry in the coming months. Furthermore, the impacted crypto assets, led by Shiba Inu, have begun to retract from the recent gains.
