Indian cryptocurrency exchange WazirX has been severely hit by a security breach that cost the company the loss of over $230 million worth of crypto. The company has confirmed this security breach along with other sources and experts. The stolen assets include significant amounts of SHIB and FLOKI tokens, among others. The exchange has temporarily suspended Indian rupee (INR) and crypto withdrawals to protect user funds while investigating the incident.
In a recently posted post X company said ” It appears that the security issue involves one of our Liminal multisig wallets”. For those who don’t know Multisig wallets are a type of cryptocurrency wallet that requires two or more keys to authenticate and confirm transactions before proceeding. As per the reports, the thief has already swapped a number of these tokens for Ether using a variety of decentralized services. A report by Elliptic mentions that North Korea-based hackers are responsible for this hacking.
📢 Update: 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: India Ka Bitcoin Exchange (@WazirXIndia) July 18, 2024
There is still a lot to come out though this data breach has costed the company a hefty amount. The WazirX is one of the few trusted Bitcoin and cryptocurrency exchange and trading platforms in India.
