BREAKING: Indian Crypto Exchange Wazirx Hacked for $235M – Is Your Money Safe?
The post BREAKING: Indian Crypto Exchange Wazirx Hacked for $235M – Is Your Money Safe? appeared first on Coinpedia Fintech News
In a rather shocking incident, WazirX, a popular crypto exchange in India, is now the latest victim of a hacker attack losing $235 million, which makes it one of the largest heists of the year.
Web 3 security firm Cyvers Alert was the first to flag this breach based on multiple unhealthy transactions of the WazirX Safe Multisig wallet on Ethereum. What’s more surprising is that the hacker has already started to sell the stolen funds and the crypto exchange hasn’t said a word on the security of user funds despite acknowledging the hack.
—
ALERT
A total of $234.9M of your funds have been moved to a new address. Each transaction's caller is funded by @TornadoCash.
The suspicious… pic.twitter.com/4sajAwd4Hb
The Hacker Moves Quick
The untouched funds, nearly $234.9 million, initially held in the Safe Multisig wallet, were transferred to a new wallet, with every transaction funneled through Tornado Cash. The attackers quickly cashed out the stolen assets, including Tether (USDT), Pepe (PEPE), and Gala (GALA), converting them to Ether (ETH).
Crypto analyst and investigator ZachXBT reported on his Telegram channel that the primary hacker still holds over $104 million. The hacker’s wallet remains rich, containing more than $100 million worth of SHIB and over $4.7 million in FLOKI, yet to be liquidated.
WazirX Responds
In a post on X (formerly known as Twitter), WazirX stated they are actively working to identify the perpetrator who accessed their multisig wallets and are attempting to recover users’ assets. All cryptocurrency and INR withdrawals have been temporarily halted to prevent further losses.
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 18, 2024
Update: We're aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding.…
However, users have expressed concerns, as no assurances have been provided regarding the safety of their funds.
Investors, Keep Your Funds Safe!
In light of this incident, it’s crucial for crypto users to take preventive steps to safeguard their assets. Here are some key recommendations:
1. Use Hardware Wallets: Store the majority of your crypto assets in hardware wallets, which are offline and thus immune to hacking.
2. Enable Two-Factor Authentication (2FA): Enhance the security of your exchange and wallet accounts by enabling 2FA, adding an extra layer of protection.
3. Regularly Monitor Accounts: Keep a close watch on your accounts and immediately contact your financial institution if you notice any unusual activity.
4. Diversify Storage: Avoid keeping all your funds in one place. Distribute your assets across multiple wallets to mitigate the risk of losing everything in a single breach.
Also Read: North Korean Hackers Exploit Crypto Industry with Fake Job Applications
Protect your crypto assets now! Share this article with your friends and family to spread awareness.
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