WazirX temporarily suspends crypto deposits and withdrawals after USD 230M hack

According to their post on X, it is believed that USD 234.9 million of funds in the Safe Multisig wallet were moved to a new address, with each transaction’s caller funded by Tornado Cash, a fully decentralized protocol for private transactions on Ethereum.

The suspicious address has already swapped $PEPE , $GALA , and USDT (Tether) to $ETH (Ether) and continues to swap other digital assets.

Following the incident, Vikram Subburaj, CEO of Giottus, said, People who have funds in WazirX, the best thing to do now is to stay calm and let the WazirX team figure out the issue. Just to reduce panic, note that your funds in Giottus are SAFE.

WazirX is popular among Indian traders and primarily targets the Indian market. It is among the few Financial Intelligence Unit (FIU)-registered exchanges in the country, allowing it to offer crypto exchange services to Indian citizens.