India's largest cryptocurrency exchange suffered a major security breach, with losses reaching $230 million!

Significant Hack Detected

India's leading cryptocurrency exchange, WazirX, faces a severe security breach.

Reports from Cyvers Alert indicate multiple suspicious transactions involving WazirX's Safe Multisig wallet on the Ethereum network.

Funds amounting to $234.90 million have moved to a new address.

Unauthorised Transactions

Entities using Tornado Cash, a notorious crypto mixer, have funded these transactions.

Various assets, including PEPE, GALA, and USDT, are swapped for Ethereum by the compromised address.

Despite attempts to contact WazirX, there has been no response, suggesting a malicious actor controls the wallet.

Significant Losses

Whale Alert notes a transfer of 5.4 trillion Shiba Inu tokens (SHIB), worth $102.13 million, from WazirX to an unknown wallet.

Further investigation by Lookonchain shows the stolen assets include 15,298 ETH ($52.5 million), 20.5 million MATIC ($11.24 million), 640.27 billion PEPE ($7.6 million), 5.79 million USDT, and 135 million GALA ($3.5 million).

WazirX, established in 2018, serves over 16 million users, offering a platform for trading a range of digital assets.

The breach raises significant concerns about the exchange's security and the safety of user funds.

WazirX has yet to issue a statement regarding the incident.

This incident underscores the critical need for enhanced security measures in cryptocurrency exchanges.