Cyvers Alert reported a major security breach affecting WazirX, India's largest cryptocurrency exchange. Multiple suspicious transactions involving the exchange's Safe Multisig wallet on the ETH network were detected, resulting in $234.90 million worth of funds being moved to a new address. The transactions were executed by entities funded through Tornado Cash, an infamous crypto mixer.

The compromised address has been actively swapping various digital assets, including PEPE, GALA and USDT, for ETH. Despite efforts to contact WazirX, there has been no response, indicating the likelihood of a malicious actor gaining control of the safe wallet.

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Whale Alert initially identified these colossal transfers, highlighting a specific withdrawal of 5.4 trillion SHIB, valued at $102.13 million, from WazirX to an unknown wallet.  

🚨More than $230M of assets have been abnormally transferred from the #WazirX(@WazirXIndia) wallet to the wallet"0x04b2".Currently, wallet "0x04b2" is dumping these assets, and has dumped 640.27B $PEPE($7.6M).https://t.co/wem0wVk7OH pic.twitter.com/66Poia2qAk

— Lookonchain (@lookonchain) July 18, 2024

Further analysis by Lookonchain revealed that the total stolen cryptocurrency includes 5.43 trillion SHIB ($102 million), 15,298 ETH ($52.5 million), 20.5 million MATIC ($11.24 million), 640.27 billion PEPE ($7.6 million), 5.79 million USDT and 135 million GALA ($3.5 million).

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WazirX, founded in 2018, is a prominent cryptocurrency exchange in India, offering a platform for trading a variety of digital assets. It has garnered a significant user base of over 16 million. The recent security breach raises serious concerns about the platform's security measures and the safety of users' funds. The exchange is yet to provide information.