India’s largest crypto exchange, WazirX, was hacked for $235 million, leading to suspended withdrawals and significant market value drops for the affected cryptocurrencies.
The breach, initially reported by Web3 security firm Cyvers, involved the compromise of WazirX’s Safe Multisig wallet on the Ethereum network.
The stolen funds moved to a new address via Tornado Cash, including Tether (USDT), Pepe (PEPE), and Gala (GALA), which were converted into Ether (ETH).
Crypto investigator ZachXBT found that the attacker’s address still holds over $104 million in various tokens. WazirX confirmed the breach and announced an active investigation, pausing INR and crypto withdrawals.
The hack significantly impacted WazirX’s reserves and the market value of the involved cryptocurrencies, with WazirX’s native token WRX dropping 15%, SHIB losing over 6% in USD value, and the Bitcoin-rupee pair declining by 11% due to panic selling.
WazirX’s latest proof-of-reserve report shows it holds $503 million in assets, a 79% increase since January 2024.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
