Tech
India’s Largest Cryptocurrency Exchange WazirX Hacked, $230 Million Funds Stolen
India’s largest cryptocurrency exchange, WazirX, has suffered a major security breach that resulted in the theft of over $230 million in digital assets. WazirX saw withdrawals in the early hours of Europe on Thursday (July 18) as a security breach affected one of its wallets, resulting in the loss of user funds. WazirX, which popularly calls itself “India Ka Bitcoin Exchange,” confirmed the breach in a post on X, formerly known as Twitter. WazirX primarily caters to the Indian market. It is said to be among the few exchanges registered with the Financial Intelligence Unit (FIU) in the country, allowing it to offer cryptocurrency trading services to Indian citizens.
“We are aware that one of our multisig wallets has suffered a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and cryptocurrency withdrawals will be temporarily suspended. Thank you for your patience and understanding. We will keep you updated with further updates,” the company’s post on X reads.
Who could be behind the big hack?
According to a Coindesk report, Blockchain sleuth Elliptic, North Korean hackers appear to be behind the attack. “Transaction data shows the exploiter is actively selling the stolen holdings via the Uniswap onchain exchange. The exploiter has yet to sell his ETH holdings and holds over $4.2 million in FLOKI tokens,” the report states.
Expand
Initial reports suggest that hackers exploited a vulnerability in WazirX’s systems to steal a substantial amount of cryptocurrency, including a significant portion of the Shiba Inu (SHIB) token. The stolen funds caused a sharp drop in the value of WazirX’s native token, WRX.
This high-profile cyber attack highlights the risks associated with cryptocurrency trading and underscores the need for effective security measures in the industry.
The cyberattack comes at a time when the Indian government is scrutinizing the cryptocurrency sector and considering stricter regulations.