WazirX Hack: India\'s Largest Crypto Exchange Falls Victim to a Massive Security Breach

The stolen crypto includes meme coins (SHIB, FLOKI, PEPE) and established tokens (LINK, MATIC). The stolen crypto is being converted to Ethereum

India's largest crypto exchange, WazirX, has fallen victim to a major security breach, resulting in over $230 million in crypto being stolen from the platform.

The stolen crypto includes meme coins (SHIB, FLOKI, PEPE) and established tokens (LINK, MATIC).

The stolen crypto is being converted to Ethereum and potentially laundered through a crypto mixer.

The incident was first flagged by Cyvers Alert, which detected suspicious transactions involving WazirX's Safe Multisig wallet on the Ethereum network. In total, around $234.9 million in crypto was being moved to a new address, with each transaction's caller being funded by Tornado Cash.

Upon investigation, it was discovered that the attacker still has more than $100 million in SHIB and $4.7 million in FLOKI, which could potentially be swapped for Ether. The stolen assets are being slowly converted to Ether in preparation for being deposited into Tornado Cash, a crypto mixer that helps launder stolen crypto.

Meanwhile, officials from WazirX confirmed the security breach, stating that all operations, including INR and crypto withdrawals, will be temporarily paused to facilitate the investigation.

"We're aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding," WazirX announced.

The attack on WazirX comes amid the ongoing crypto recovery being led by Bitcoin and Ethereum. The crypto industry had shown early signs of bullish recovery as the Mt.Gox repayments proceeded without any major glitches.

However, the massive losses incurred by WazirX are bound to send shockwaves through the crypto industry in the coming months. Notably, the affected assets, especially Shiba Inu, have already started to retract from their recent gains.

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