WazirX Hack, an Indian Cryptocurrency Exchange, Fell Victim to a Huge Security Breach. Indian cryptocurrency exchange WazirX has experienced a big security breach that resulted in the theft of over $230 million from one of its multicurrency wallets.
The company is taking immediate action as this event has caused panic in the crypto community.
Multisig Wallet Hack: How It Happened
According to blockchain tracking platform LookIntoChain, funds were moved illegally from a multi-signature wallet at WazirX into another unknown wallet address called “0x04b2”. Several popular cryptocurrencies traded on the platform have been affected including Pepe Coin (PEPE), Shiba Inu (SHIB), Ethereum (ETH), and Polygon (MATIC).
Immediate Response: Withdrawals Paused by WazirX
WazirX paused all withdrawals immediately after discovering this vulnerability to stop more unauthorized transfers from happening until they could assess what had taken place.
An official statement released by them also said “We would like to inform you that there was a security incident involving one of our multi-signature wallets.
Our team is currently investigating the matter and INR/crypto withdrawals will be temporarily disabled until we ensure customer asset safety. Thank you for your understanding & support.”
Which Assets Were Involved
Since the breach took place, stolen assets have been dumped by the compromised multi-sig wallet.
These include 640.27 billion PEPE tokens worth around $7.6m, along with other significant amounts in various cryptocurrencies such as 20.5 million MATIC tokens ($11.2m), 5.4 trillion SHIB tokens ($102.1m) and 15,298 ETH ($52.5m).
This has understandably raised concerns among WazirX users about their funds being secure on this platform.
Reassurances Amid Concerns
Despite such a major hack, WazirX has assured its users of ongoing investigations into the incident and that everyone’s money is safe. “Investigations by ZachXBT” – one of those crypto-sleuths on Telegram – has been following closely too; according to them, the attacker’s suspected main address still holds over $104m worth of assets which are mostly SHIB, ETH, and MATIC tokens.
What To Do If Your Fund Store At WazirX
In case you have money stored in your WazirX account and are worried about the recent security breach or any other matter, here is what you can do:
- Check Official Updates
Keep yourself updated by visiting WazirX’s official website frequently or following them on social media platforms like Facebook, Twitter, Instagram, etc., to know more about security incidents and withdrawal status. - Follow Instructions
Do as they say if they have stopped withdrawals for now or given any special instructions regarding your funds and try not to make transactions until everything gets back to normal. - Secure Your Account
Change your password to a stronger one immediately for your WazirX account and consider using a unique one also. You should think of enabling two-factor authentication (2FA) too if it has not been activated on this platform before to add an extra layer of protection. - Contact Support
If anything is bothering you concerning your money at WazirX exchange such as doubts or questions then feel free to contact their customer support team directly but ensure that only legitimate channels are used which can be found through the app or official website. - Monitor Your Account
Keep an eye on every transaction taking place within your WazirX account regularly, especially during this critical period when hackers might take advantage of weak systems; report any strange activity noticed immediately by getting in touch with the customer care department through appropriate means provided by them. - Consider Security Best Practices
It is advisable not only limited to the platform offered by Wazirx but also across all crypto exchanges generally speaking; thus always remember never to keep large sums of virtual currencies on exchanges over long time frames instead use hardware wallets etc. - Stay Informed
Watch out for news or any other information concerning the cryptocurrency industry as well as exchange security issues because by so doing you become more knowledgeable about what’s happening out there thus enabling better choices on how best to manage your money. - Prepare for Future Incidents
Take this incident as a wake-up call towards reviewing overall crypto safety measures such as diversifying storage locations of funds among others.
Conclusion
The WazirX breach illustrates once again the challenges faced by cryptocurrency exchanges in terms of security.
The company is working hard to fix things as soon as possible but this should serve as a wake-up call for both exchanges and customers who need to be more vigilant when it comes to protecting digital wealth against attacks like these.
