WazirX, one of India's leading cryptocurrency exchanges, experienced a major security breach on July 18, 2024. Attackers stole approximately $235 million worth of cryptocurrencies by hijacking the platform's Secure Multisig wallet on the Ethereum blockchain. This incident was recorded as one of the largest hacking attacks in cryptocurrency history. Here are the details…
Cyber attack on WazirX
On July 18, 2024, WazirX, one of India's popular Bitcoin and altcoin exchanges, was targeted by cyber attackers. Attackers stole approximately $234.9 million worth of cryptocurrencies by hijacking the platform's Secure Multisig wallet on the Ethereum blockchain. The incident caused great panic among cryptocurrency investors.
Web3 security firm Cyvers Alert announced the situation on Twitter and detected "multiple suspicious transactions" in WazirX's wallet. The attackers transferred the stolen assets to a new address. The majority of the stolen funds were represented by cryptocurrencies such as Tether (USDT), Pepe (PEPE) and Gala (GALA). These assets were quickly converted to Ethereum, making it difficult to track them.
The security breach caused a significant drop in the value of WazirX's native token, WRX. Following the attack, WRX lost 10% to $0.22. WazirX has not made an official statement regarding the hacking incident and has not provided information about any compensation plan to recover the stolen funds. This created anxiety and distrust among users.
This incident once again revealed how vulnerable crypto exchanges are to cyber attacks. The fact that even a large platform like WazirX suffered such an attack has increased security concerns in the Bitcoin and altcoin industry. The investigation into the incident is ongoing and the attackers have not yet been identified. Authorities are trying to track down the stolen money and catch the attackers. The WazirX hack incident is an important warning for crypto investors. Investors need to take the necessary precautions to store their assets safely and carefully choose the platforms on which they will trade.
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