Key Takeaways:
- Indian Crypto Exchange WazirX witnessed a cyber attack resulting in loss of over $230 Million
- Security Breach has mainly affected Safe Multisig Wallet on ethereum network
Cryptocurrency exchange WazirX has fallen victim to a significant security breach today, resulting in the theft of approximately $234.9 million.
The breach has primarily impacted the Safe Multisig wallet on the Ethereum network, leading to substantial user fund losses.
In response to the incident, WazirX took to Twitter to acknowledge the breach and inform users about the ongoing investigation.
The exchange has temporarily suspended all withdrawals to safeguard user assets.
“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. We’ll keep you posted with further updates,” the WazirX team stated.
Owned by global cryptocurrency exchange Binance, WazirX is one of India’s largest crypto trading platforms. The company has assured users that it will provide further updates as the investigation progresses.
However, the duration of the withdrawal suspension and the measures to address the security breach remain uncertain.
Blockchain analytics tool Lookonchain reported that the stolen assets include $102 million in Shiba Inu (SHIB), $52.5 million in Ethereum (ETH), $11.24 million in Matic (MATIC), $7.6 million in Pepe (PEPE) coin, $135 million in Tether (USDT), and $3.5 million in Gala (GALA).
Early blockchain data tracked by Lookonchain indicates that over $100 million worth of Shiba Inu tokens were withdrawn, marking the largest loss among the funds.
The crypto community has quickly responded to the breach. Top Indian crypto platforms, including CoinSwitch, CoinDCX, and Mudrex, reassured users that their assets remain secure despite the incident.
Ashish Singhal, co-founder of CoinSwitch, said, “We are aware of the recent security breach on the WazirX platform. We want to assure our users that their funds on CoinSwitch are secure and unaffected by this incident.’
Transactional data reveals that the exploiter is actively selling the stolen assets on the on-chain exchange Uniswap. Although the exploiter has not yet sold their ETH holdings, they currently possess over $4.2 million in FLOKI tokens.
