Indian cryptocurrency exchange WazirX has suffered a devastating hacker attack, with losses estimated at $235 million.
Blockchain data analysts linked the attack to North Korean hackers, known for their sophisticated cyberattack techniques. The incident led to WazirX suspending cryptocurrency and Indian Rupee (INR) withdrawals.
Let's see all the details below.
Hackers in India: North Korea's traces in the WazirX attack
As expected, on July 18, WazirX had to temporarily suspend cryptocurrency and Indian rupee withdrawals after a hacker attack resulted in the theft of digital assets worth approximately 234,000 yuan. 9 million dollars.
The attack involved the unauthorized transfer of funds from the exchange's Safe Multisig wallet to another address, containing over 200 digital assets including Shiba Inu, Ether, Tether, Polygon, PEPE and Floki.
According to security company Web3 Cyvers, an unauthorized attacker carried out the attack by exploiting a vulnerability in the WazirX system.
Tarun Mangukiya, co-founder of payment platform Copperx, theorized that hackers instigated WazirX to update the Secure Deployment Skeleton with a fraudulent smart contract in the past 8 days.
As a result, the WazirX team signed a compromised transaction. Elliptic, a blockchain forensics company, revealed that the attack showed typical patterns and techniques of North Korean hackers.
Elliptic representatives said analysis of on-chain transaction behavior and other information led to suspicions of North Korean involvement.
Other theories about the attack against WazirX
Even ZachXBT, a famous cryptocurrency investigator, supports this theory, pointing out that the hack has distinctive signs of an attack by Lazarus Group, a notorious North Korean criminal organization .
The Lazarus group is known for cyberattacks since 2010 and has terrorized the cryptocurrency sector since 2017, including the $600 million Ronin bridge exploit.
In the attack on WazirX, over $100 million worth of SHIB tokens were stolen, causing the digital asset's price to drop by 10%.
The attackers began trading SHIB assets for ETH, selling 35 billion SHIB tokens worth $618,000 and still holding approximately $95 million in tokens.
This attack highlights the growing threat posed by North Korean hackers in the cryptocurrency sector and the importance of strengthening security measures to prevent future mining.
Floki announces initiative to build schools in India
Recently, the Floki team announced on X (formerly known as Twitter) a new initiative to build a school in India.
The research team expressed great enthusiasm for this project, considering it an important step towards the revolution of education in developing countries.
The construction of this school is just the beginning of a broader plan that includes establishing many schools in many struggling countries.
Currently in its early stages, this initiative may involve collaboration with various non-governmental organizations (NGOs) to ensure the success and sustainability of the project.
Floki invited stakeholders to participate and share their vision for this charitable cause. With India's huge population, surpassing China's by 2022, the country faces many challenges in providing access to quality education.
Floki's school construction aims to minimize these difficulties, contributing to improving the Indian education system.
This initiative not only provides educational opportunities to young Indian students but also introduces blockchain technology and cryptocurrency into the country's educational landscape.
The crypto community has enthusiastically welcomed the project, praising the Floki team for its commitment to promoting education through the innovative use of cryptocurrency.
The team also expressed gratitude to “Floki Vikings” for their continuous support and active participation in the mission of improving the world, one school at a time.
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