Indian cryptocurrency exchange WazirX has experienced a security breach resulting in the suspicious transfer of nearly $235 million. The exchange acknowledged the breach on X (formerly Twitter) indicating that one of their multisig wallets was hacked. WazirX is investigating the issue and has suspended all crypto and rupee deposits and withdrawals.
WazirX did not specify the exact amount of cryptocurrency affected, but an earlier tweet from blockchain security firm Cyvers reported that $234.9 million had been moved to a new address. This address, funded by the coin mixer Tornado Cash, saw assets like PEPE, GALA, and USDT swapped to Ethereum (ETH), according to Cyvers.
Detailed Investigation Underway
The exchange felt it was important to notify the users that it was actively trying to fix the problem and improve security. This is massively concerning for WazirX as the large amounts and effects on the company's reputation are dire. The use of Tornado Cash, which maintains the transactions' anonymity, complicates the effort to highlight the stolen assets' trail.
This is not the first time a hack has been reported among cryptocurrency companies, indicating a concerning trend in the sector. Large-scale exchange hacks have become more rampant, which leaves a lot of doubt regarding the measures taken to ensure virtual currency security. The WazirX hack shows that even highly technical exchanges and companies might not have impregnable security and that constant vigilance is needed to avoid such attacks.
The decision made by the exchange to stop withdrawals is to prevent the users from losing more money in the future. However, this has caused some inconveniences and concerns to the users who use WazirX to trade in their investments. The exchange asked for calm and encouraged users to remain patient as they stabilized and investigated the matter.
The Bitcoin community has expressed a combination of fear and displeasure, and many customers are requesting greater transparency and responsibility from exchanges to safeguard their assets. This hack shows the industry's persistent issues in ensuring user security and trust.

Finally, the WazirX security breach involving roughly $235 million serves as a sobering reminder of the cryptocurrency sector's vulnerabilities. As the exchange tries to address the issue and prevent similar accidents, the rest of the industry must also pay attention and strengthen its security measures to protect digital assets. Both users and industry experts will closely monitor the findings of WazirX since they might have far-reaching ramifications for the future of cryptocurrency exchange security.
The post "WazirX Faces Security Breach as $235 Million in Funds Moved Suspiciously" first appeared on 36crypto.com News.
#WAZRIX #WazirXHacked #Mt_Gox_BTC_Dip #ETH_ETF_Approval_23July

The hacker who recently attacked WazirX, an Indian-based cryptocurrency exchange, and stole $230m has taken necessary steps to cover his track. On September 2nd, the hacker transferred more than $6.5 million worth of ETH using Tornado Cash, a popular cryptocurrency mixing platform that conceals the wallet addresses on the blockchain. This is perhaps a calculated effort to hamper tracing the stolen money.

The hacker split the stolen ether into 26 different transactions, and the proofs became more challenging to link sequentially.

The incident in July was due to a vulnerability that hackers took advantage of and got access to one of WazirX's multisig wallets. The hacker made away with over $230 million in different cryptocurrencies, with over $100 million in SHIB and $52 million in ether. According to the company's statement, the stolen assets included more than 45% of WazirX's total reserves in June 2024.
The post "WazirX Hacker Moves $6.5 Million in Stolen Ether Through Tornado Cash" first appeared on 36crypto.com News.
#WAZRIX #TON #DOGSONBINANCE