WazirX cryptocurrency exchange faces major hack
On July 18, 2024, the Cyvers Alerts service reported a major hack of the Indian cryptocurrency exchange WazirX, resulting in significant losses for the platform and its users. Experts identified suspicious transactions totaling $234.9 million originating from the exchange’s multi-signature wallet on the Ethereum network.
Details of the incident and losses
According to the Cyvers Alerts report, hackers exchanged stolen tokens PEPE, GALA, and USDT for ethers (ETH). Tokens Shiba Inu (SHIB) worth over $100 million, 15,290 ETH amounting to $52 million, and 20 million MATIC equaling $11 million were also stolen during the hack.
WazirX’s response and security measures
WazirX immediately acknowledged the hack, suspended fund withdrawal operations, and focused on restoring security systems. The exchange promises to provide updated information as the investigation progresses.
Analysis and reasons for the hack
According to security company Blocksec, the hack was due to a private key leakage, allowing hackers to update a secure wallet to a malicious contract and withdraw funds from the system. WazirX has faced legal and financial issues in the past.
Regulatory problems and previous impact
In early 2022, WazirX faced scrutiny from Indian tax authorities for tax evasion and money laundering suspicions. The regulator froze the exchange’s assets totaling $8.16 million, but WazirX managed to regain access through cooperation with authorities.
Conclusion
The WazirX hack highlights the importance of security in the cryptocurrency sector. The exchange is working to minimize the hack’s impact and restore user trust. Customers should stay updated on developments and take necessary measures to protect their assets.
