Everything About the WazirX Hack
WazirX, one of the biggest cryptocurrency exchanges in India, experienced a significant security breach on 18th July. A multisig ERC20 wallet belonging to WazirX was compromised, resulting in the theft of over $230 million in assets, equivalent to 1900+ Crore INR.
The hacker swiftly swapped most of the stolen ERC20 tokens to ETH, deliberately avoiding stablecoins since they can be frozen. Currently, the WazirX team is diligently working to locate the hacker and negotiate for the return of the stolen funds, but they have yet to receive any response.
What About User Funds?
In response to the hack, WazirX has stopped all withdrawals immediately, leaving users unable to access their funds for now. Following the news of the breach, the value of all coins on WazirX dropped by more than 25%. As of now, there is no official announcement from the WazirX team regarding the status of user funds or when deposits and withdrawals will resume.
The situation remains tense, and users are advised to stay tuned for further updates from WazirX.
Where Should You Store Your Cryptocurrencies?
It's crucial to store your cryptocurrencies in non-custodial wallets, where you have full control of your private keys. History has shown that exchanges can be vulnerable to hacks, leading to significant losses for users. Notable examples include Mt. Gox, Cryptopia, FTX, and now WazirX.
Using non-custodial wallets ensures that you are the sole owner of your funds, reducing the risk of losing them due to security breaches or exchange failures. Stay safe and take control of your crypto assets!
Not Your Keys, Not Your Coins
