Crypto Exchange in India Falls Victim to Hack
Hey folks.
"Multiple suspicious transactions" involving WazirX's Safe Multisig wallet on Ethereum have been discovered by Web3 security company Cyvers.
As per a post on social media platform X, it is deemed that funds worth $234.9 million in the Safe Mutisig wallet of the crypto exchange in India have been transferred to a new address with each transaction's caller funded by the decentralized protocol for private transactions, Tornado Cash.
Crypto expert ZachXBT revealed in a Telegram post within the "Investigations by ZachXBT" channel that the prime attacker's alleged address still has over $104 million to dump.
About $100 million in Shiba Inu SHIB, $52 million in ETH, and $11 million in Polygon MATIC made up the majority of the wallet.
The exchange in response to the security breach has temporarily paused the withdrawal of crypto and Indian rupees on the platform.
The WazirX team stated that they are "actively investigating the incident" and would provide updates as the situation develops in an X post by the official exchange.
Compliance notices to several foreign crypto exchanges including OKX were issued by the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance on March 21.
In a note to Indian OKX users, the exchange said that it was "no longer providing services to users in India" and asked them to cancel their accounts and reclaim their funds by April 30.
Although, for almost four years, discussions have been ongoing by the government of India, the regulatory structure for the crypto industry in India remains uncertain.
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I hope the WazirX finds the criminal bit this is really going to be a tough case because fraudsters can be very crazy
They always want to make sure that they are ahead