Potential Hack at WazirX Cryptocurrency Exchange
Web3 security companies Cyvers and ZachXBT have raised concerns about a possible hack at Indian cryptocurrency exchange WazirX. Cyvers informed WazirX about suspicious transactions detected in their Safe Multisig wallet on the Ethereum network.
Massive Amounts Stolen from WazirX
A significant amount of $230 million has allegedly been stolen from WazirX, with reports indicating that $234.9 million from the Safe Multisig wallet was transferred to a new address. Transactions were funded by Tornado Cash, a protocol known for privacy-focused transactions. The hackers subsequently converted various cryptocurrencies like PEPE, GALA, and USDT into ETH.
Cyvers and ZachXBT investigations suggest that the attackers still hold over $100 million worth of SHIB and $4.7 million in FLOKI for potential sale. Additionally, the attacker’s wallet contains substantial amounts of Shiba Inu, ETH, Polygon, Fantom, Fetch.ai, FLOKI, and Chainlink (FET).
Immediate Sell-Off by Hackers
Despite the common trend of hackers returning funds, the perpetrators behind the WazirX breach wasted no time in selling off cryptocurrencies. The first sale of $SHIB amounting to over $618,000 occurred soon after the theft. According to reports, the hackers still retain a significant amount of $SHIB, valued at over $95 million.
Notice #WazirX Exploiters have started selling $SHIB! #WazirX Exploiter has sold 35B $SHIB ($618K) and currently holds 5.4T $SHIB ($95.45 million). pic.twitter.com/DRzmaIbiqH
— Lookonchain (@lookonchain) July 18, 2024
In response to the breach, WazirX has temporarily suspended cryptocurrency and INR withdrawals. The team is actively investigating the incident to ensure the safety of users’ assets.
It remains uncertain whether the hackers will return the funds to the exchange. The situation raises questions about potential repercussions and the future of the compromised assets.
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