On July 18, the Indian cryptocurrency exchange WazirX suffered a cyber attack, resulting in the theft of over $230 million in assets from their multi-signature wallets.
According to data from Lookonchain, over $230 million in assets have been suspiciously transferred from WazirX wallets to the “0x04b2” wallet, which is believed to be controlled by hackers. Subsequently, the “0x04b2” wallet began liquidating these assets, having sold 64.027 trillion PEPE tokens worth approximately $7.6 million.
Currently, a total of $234.9 million has been transferred to various new addresses. On-chain data indicates that the funds from each hacking transaction were funneled through Tornado Cash, a service known for its privacy features.
In response to this breach, WazirX has acknowledged a security vulnerability in their wallets and has temporarily halted withdrawals to safeguard their users. Following this announcement, the price of WazirX’s native token, WRX, plummeted by 7.77%, dropping to $0.16 without any clear signs of recovery.
🚨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
WazirX is one of India’s leading cryptocurrency exchanges, renowned for its user-friendly interface and advanced trading features. The platform enables users to quickly and easily buy, sell, and trade cryptocurrencies. WazirX offers an online open order book system, allowing trading in more than 80 digital assets, including Bitcoin, BNB, Bitcoin Cash, Litecoin, Dash, and many others.
Despite its prominence, this security incident raises significant concerns about the exchange’s robustness and the overall safety of digital assets on such platforms. It highlights the need for enhanced security measures and more rigorous oversight within the cryptocurrency industry. Users and stakeholders are now keenly watching how WazirX will address and rectify these vulnerabilities to restore confidence in their operations. This incident serves as a stark reminder of the ongoing risks in the rapidly evolving world of digital finance.
