WazirX suffered a $230M breach, with over 200 crypto assets stolen and converted into 43,800 ETH, worth $149.46M.
The hacker’s wallet holds 59,097 ETH and $15M in various tokens. Unusual deposits to Binance suggest further laundering.
Elliptic’s report links the hack to North Korean hackers. WazirX has paused withdrawals and is working with authorities to address the breach.
The Indian cryptocurrency exchange WazirX reported a significant security breach on Thursday, involving the theft of $230 million from its multisig wallet on the Ethereum network.This attack targeted the multisig wallet on the Ethereum network, compromising over 200 different cryptocurrencies, including Shiba Inu, Ethereum, Polygon, and PePe memecoin.
The #WazirX exploiter has exchanged most of the assets for 43,800 $ETH($149.46M) and currently holds 59,097 $ETH($201.67M).Currently, there are ~$15M assets left. Including:1.66B $DENT ($1.56M)6.76M $CHR ($1.72M)78.6M $CELR ($1.12M)958,428 $FRONT ($909K)…It is worth… pic.twitter.com/MX9uvt3BpV
— Lookonchain (@lookonchain) July 19, 2024
Assets Converted to Ether
Blockchain analytics firm Lookonchain revealed the hackers converted most of the stolen assets into ether. They exchanged the funds for 43,800 ETH, valued at $149.46 million. The exploiter’s wallet now holds approximately 59,097 ETH. Additionally, the wallet contains about $15 million in other cryptocurrencies like Dent, Chromia, Celer Network, and Frontier tokens.
Lookonchain noted an unusual activity involving the deposit of 7.7 million DENT tokens, worth $7,300, to a previously unused Binance deposit address. This indicates potential plans for further transactions or laundering activities.
Suspicion of North Korean Hackers
Another blockchain analytics company, Elliptic, reported on-chain evidence implying North Korean-linked hackers may have carried out the exploit. The exact reasons and techniques of these hackers are yet unknown, which emphasizes the growing complexity and audacity of cybercrime in the crypto market.
WazirX has halted all withdrawals, describing the security breach as a “force majeure event” outside their control, and is collaborating with law authorities and cybersecurity specialists to resolve the issue and tighten security measures.
Industry Response and Future Implications
The crypto community is closely monitoring the progress of this huge breach, which reveals flaws even in well-known exchanges. This event highlights the critical need for stricter security protocols and increased regulatory monitoring to protect digital assets.
WazirX’s response to the hack, including engagement with authorities, will be critical to restoring user trust and improving platform security. As the investigation develops, the exchange is expected to implement strong security measures to prevent future intrusions.
The WazirX breach marks one of the largest crypto heists in recent history. With the stolen assets now mostly converted to ether, tracking and recovering the funds pose a significant challenge. This event emphasizes the need for enhanced security and vigilance in the rapidly evolving crypto industry.
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