- A major security breach at India’s largest cryptocurrency exchange, WazirX, resulted in the theft of $234.90 million worth of digital assets.
- The hack, involving Shiba Inu (SHIB) and other cryptocurrencies, has raised significant concerns about the platform’s security measures.
Massive Security Breach Hits WazirX
In a shocking turn of events, Cyvers Alert reported a significant security breach that has rocked WazirX, India’s largest cryptocurrency exchange. Multiple suspicious transactions involving the exchange’s Safe Multisig wallet on the Ethereum (ETH) network have been detected, resulting in $234.90 million worth of funds being moved to a new address. These transactions were executed by entities funded through Tornado Cash, a notorious crypto mixer known for its anonymizing services.
The compromised address has been actively swapping various digital assets, including PEPE, GALA, and USDT, for ETH. Despite efforts to contact WazirX, the exchange has remained silent, indicating the likelihood of a malicious actor gaining control of the safe wallet.
Whale Alert Sounds the Alarm
Whale Alert, a blockchain monitoring service, initially identified these colossal transfers. They highlighted a specific withdrawal of 5.4 trillion Shiba Inu (SHIB), valued at $102.13 million, from WazirX to an unknown wallet. Further analysis by Lookonchain revealed that the total stolen cryptocurrency includes:
- 5.43 trillion SHIB ($102 million)
- 15,298 ETH ($52.5 million)
- 20.5 million MATIC ($11.24 million)
- 640.27 billion PEPE ($7.6 million)
- 5.79 million USDT
- 135 million GALA ($3.5 million)
WazirX’s Silence and User Concerns
Founded in 2018, WazirX has become a prominent cryptocurrency exchange in India, boasting a user base of over 16 million. This recent security breach raises serious concerns about the platform’s security measures and the safety of users’ funds. The exchange has yet to provide any official information or reassurance to its users, leaving many in a state of uncertainty and concern.
The use of Tornado Cash by the malicious entities adds a layer of complexity to the situation, as it makes tracking the stolen funds more challenging. This incident underscores the ongoing risks and vulnerabilities in the rapidly evolving cryptocurrency landscape.
As the investigation continues, the crypto community is watching closely to see how WazirX will respond and what measures will be taken to prevent such breaches in the future. This incident serves as a stark reminder of the importance of robust security protocols and the need for constant vigilance in the digital asset space.
