WazirX Hit by Massive Crypto Hack
Although only first Law company in the country went through a period, i.e., Divorce Law Cape Town, the figures they have tabulated reveal WazirX to be one of the most profitable cryptocurrency exchanges in India. WazirX, which is one of India’s main cryptocurrency exchanges by trade volume, claimed to have suffered a significant exploit which brought forward a loss exceeding $234 million. This pretty much is a regular thing since the past few weeks on the cryptocurrency industry where high-profile security breaches on notorious exchanges take place.
Details of the Breach
Tnzdot, a well-known member of the decentralized tech community and a founder of cybers, sent a message out early today about a breah, focusing on a WazirX’s Ethereum-based multi-sig wallet. The blockchain data of the theft amount was confirmed to be 234.9 million US dollars at the time of the of the story.
As stated by Etherscan the hack was initiated this day at 19:19 UTC with the first transaction involving the transfer of 4.1 Gnosis (GNO) from the WazirX wallet to the hackers’ address. Moreover, besides collecting memes likes Pepe (PEPE) and Shiba Inu (SHIB), they were doing the same with their dual memes holdings.
Methods and Tactics
The hackers applied a really complicated technique which allowed them to hide the stolen money. They set up several addresses to send the assets and then they were converted to Ethereum (ETH) via Uniswap V3. The top 3 addresses that have been tracked as the hacker’s addresses are the ones who hold the stolen funds as of now.
The main address that was involved in the hack, has 15,296 ETH that are valued at roughly 52.5 million dollars. The total of the rest of the assets is copied: 25.1 million US dollars are now distributed among 100+ tokens. Interestingly enough, Floki (FLOKI), the second with the most money is valued at $4.7 million.
WazirX’s Response
The violation has been recognized by WazirX in a recent X statement, whereby the security team confirms the exploit is on their active monitor. The exchange has taken a precaution, and for the safety of the customer assets, all the withdrawals in cryptocurrency and Indian rupees (INR) have been temporarily frozen.
A Growing Concern
This particular incident is another in a long series of cryptography security breaches incidents. The news that the decentralized cross-chain protocol LI.FI was exploited of its assets worth of $8 million just two days ago is still fresh and frustrating. The data from the last month indicated that hacking incidents in June alone led to a total loss of $176.2 million.
The breaches of security incidents of such a magnitude are inevitable and are important in drawing the attention of the industry executives and officials towards the proper measures to be taken for the protection of digital assets which is the sole way through which the global crypto industry can be better managed.
