WazirX Crypto Exchange Hit By A Cyberattack, Funds Worth $234 Million Transferred: Reports -

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WazirX Crypto Exchange Hit By A Cyberattack, Funds Worth $234 Million Transferred: Reports

As a response to the event, WazirX has admitted that there was a breach in the wallet and has prohibited any withdrawals of Indian Rupees and cryptocurrency from the platform.

Latest Update on WazirX

In response to the cyberattack incident that happened with WazirX, the largest cryptocurrency exchange in India, it has taken a huge step in order to stop it at an advanced level. It made a formal police complaint and shared the same news with its users on its X handle.

The tweet said:

Update: In response to the cyber attack, we have filed a police complaint and are pursuing additional legal actions. We will keep the community updated as we proceed.

» Immediate Actions: We have reported the incident to the Financial Intelligence Unit (FIU) and CERT-In. We’re reaching out to 500+ exchanges to block the identified addresses. Many exchanges are cooperating with us, and we are actively working with them on additional resources to aid our recovery efforts.

» Plan of Action: Our immediate plans include tracing the stolen funds, recovering customer assets, and conducting a deeper analysis of the cyber attack. We are collaborating with forensic experts and law enforcement agencies to identify and apprehend the perpetrators.

Thank you for your patience and understanding. We’ll keep you posted with further updates :pray:

WazirX, the largest cryptocurrency exchange in India, has been hacked, and the complete amount of cryptocurrencies, which is estimated to be worth more than 1,900 Crores, was transmitted to an anonymous wallet address. Republic Business has attempted to contact the cryptocurrency exchange in order to verify the exact amount of money lost as a result of the hack; however, the exchange has not yet responded.

After exchanging the Tether USDT tokens, Pepe tokens, and GALA for Ether, the hacker completed the transaction.

The data from the blockchain indicates that the secure multi-signature wallet that was hosted on the Ethereumblockchainnetwork possessed by the cryptocurrency exchange situated in Mumbai has been compromised. Before any transaction can be carried out in a wallet that supports multiple signatures, it is necessary to obtain authorization from a number of different stakeholders.

As a response to the issue, WazirX has officially confirmed the data breach and has claimed that an investigation into the event is currently underway. “We are aware that one of our multisig wallets has experienced a security breach,” WazirX tweeted. “We wish to acknowledge this.” Our group is doing a thorough investigation into the occurrence.

Withdrawals are halted by WazirX.

The cryptocurrency exchange has put a stop to all withdrawals, including deposits in Indian Rupees, as well as all cryptocurrencies, citing the necessity of ensuring the safety of the assets.

Withdrawals of Indian Rupees and cryptocurrency will be temporarily halted in order to protect the security of your investment. Both your patience and your understanding are greatly appreciated. According to WazirX, “We will keep you updated with any further developments.”

These reports from the media indicate that each transaction is being paid by Tornado Cash, which indicates that the hacker is utilizing the cryptocurrency mixer in order to eliminate the backdrop.

What Bug Hunters have to say about the WazirX Bug Bounty Program?

Wazirx operates a Bug Bounty Program that allows bug bounty hunters to test and submit bugs. However, Wazirx’s bug bounty program has garnered a significant amount of negative feedback due to its failure to inform users when they report issues. Two major areas for improvement were adequate time management and recognition.

A person commented on the post and said the following.

Additional information was provided by ZachXBT, a crypto investigator on Telegram, who disclosed that the hacker’s principal address still contains nearly $104 million in digital assets. The misappropriated funds consist of approximately $100 million in ShibaInu (SHIB), $52 million in ETH, and $11 million in Polygon (MATIC). Additionally, numerous other tokens are affected. The following are notable holdings: $4.7 million in FLOKI, $3.2 million in Fantom (FTM), $2.8 million in Chainlink (LINK), and $2.3 million in Fetch.ai (FET).

What is Multisig Wallet?

In order to validate and corroborate transactions prior to processing, a specific type of cryptocurrency wallet known as a multi-sig wallet requires two or more private keys.

In the early European hours of Thursday morning, transfers aggregating over $230 million were triggered by a security vulnerability on WazirX.

Which cryptocurrencies got hacked from WazirX?

According to claims in the media, the address’s holdings included roughly $11 million in Polygon (MATIC), $52 million in Ethereum (ETH), and approximately $100 million in ShibaInu (SHIB).

Additionally, it held $4.7 million in Floki (FLOKI), $3.2 million in Fantom (FTM), $2.8 million in Chainlink (LINK), and $2.3 million in Fetch.ai (FET), with the remaining money distributed among a range of other tokens.

VikramSubburaj, CEO of Giottus, has been quoted on X in a video as saying, “Wazirx confirmed a security breach. The best course of action for those who have money in Wazirx at this time is to remain cool and let the Wazirx team solve the problem. Note that your funds in Giottus are SAFE, just to calm you out.”

About The Author:

Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blogs, he also writes for brands including Craw Security, Bytecode Security, and NASSCOM.

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