Indian crypto exchange WazirX hacked, $235 million stolen
Breaking News: WazirX Suffers Major Security Breach
Recently, the Safe Multisig wallet of WazirX, a well-known cryptocurrency exchange in India, was hacked on Ethereum, and funds worth about $235 million were transferred and converted into Ether. The incident was discovered by Web3 security company Cyvers, who detected multiple suspicious transactions in WazirX's Safe Multisig wallet on the Ethereum network.
Hackers use Tornado Cash to transfer funds
According to Cyvers, the $234.9 million in funds involved in these suspicious transactions were transferred to a new address, and the caller of each transaction was funded by the decentralized private transaction protocol Tornado Cash. The address has converted assets such as Tether (USDT), Pepe (PEPE) and Gala (GALA) into Ether (ETH).
More than $210 million in funds still to be unloaded
According to an announcement by crypto detective ZachXBT in the Telegram channel "ZachXBT Investigations", the main attacker address still has more than $104 million in funds to deal with. The wallet currently holds about $100 million in Shiba Inu (SHIB), $52 million in Ether (ETH), and $11 million in Polygon (MATIC). In addition, the wallet also includes $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 the rest of the funds scattered among a variety of other tokens.
WazirX suspends withdrawals and launches investigation
In response to the security breach, WazirX has suspended withdrawals of cryptocurrencies and Indian rupees on the platform. In an official announcement, the WazirX team said they are "actively investigating this incident" and will provide updates as the situation develops. Cointelegraph contacted WazirX for comment on the safety of user funds and measures to recover stolen crypto assets, but the WazirX team said it was "unable to respond at this time."
India’s cryptocurrency market regulatory dilemma
This incident once again highlights the regulatory challenges in India's cryptocurrency market. On March 21, the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance issued compliance notices to several foreign cryptocurrency exchanges, including OKX, requiring them to close the accounts of Indian users and redeem funds by April 30. Although the Indian government has been discussing it for nearly four years, the regulatory framework for the country's cryptocurrency market remains unclear.
in conclusion
The WazirX security breach not only exposed the exchange’s weak security protection, but also once again raised people’s attention to the regulation of the Indian cryptocurrency market. As cryptocurrencies become more popular around the world, strengthening security supervision of trading platforms and user protection will become increasingly important.
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