The recent WazirX India hack has now ranked among the top 10 biggest crypto hacks in history, with $235 million stolen in real-time.
The incident was detected and analyzed by Cyver Alert’s SOC Lead, @Hakan_Cyvers, and his team, who were at the forefront, detecting and validating critical alerts as the hack unfolded.
The power of the community was evident as experts like @zachxbt and @Mudit__Gupta dissected the attack.
So, what went wrong? In simple terms, the multi-signature wallet got tricked. Hackers used phishing tactics to take control, then upgraded to a malicious wallet version—essentially like changing locks while pretending to be the locksmith.
The bug exploited a vulnerability in the multi-signature setup, allowing the attackers to compromise 4 out of the 6 required signatures through clever phishing.
🚨 A Deeper Dive into the @WazirXIndia Hack!
Top 10 biggest crypto hacks in history: $235M stolen in real-time.
How Cyvers' SOC team caught it in real time, what went wrong, and what can be done to prevent such cases in the future. 🧵👇 pic.twitter.com/PR2mFtqd2C
— Cyvers | Proactive Web3 Security (@Cyvers_) July 22, 2024
WazirX Team Still Working To Bring The Situation Under Control
This breach underscores the need for robust multi-signature wallet security and vigilant monitoring. Always cross-verify the source and the access request to avoid such attacks, and never sign requests blindly. After the WazirX multi-signature wallet breach, the team immediately addressed the suspicious transactions and is still investigating the incident.
The attackers swapped the stolen funds for Ether using decentralized services, obfuscating the trail and making it harder to trace. This highlights the importance of real-time detection and proactive security measures in the crypto space. The WazirX hack serves as a wake-up call; as the Web3 landscape evolves, so do the threats.
In response, it’s crucial to stay informed and secure. The community’s collective efforts are essential in building a safer crypto ecosystem. The WazirX hack demonstrates that while threats are evolving, proactive measures and community vigilance can help mitigate these risks.
Stay informed, stay secure!
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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