Recently, blockchain security firm Cyvers Alert made a shocking revelation about the Indian exchange WazirX being exploited for a staggering $235 million. The firm detected multiple suspicious transactions involving WazirX’s Safe Multisig wallet on the ETH network, resulting in the transfer of $234.9M to a new address. Each transaction was funded by Tornado Cash, raising concerns about the safety and security of the exchange.
The stolen assets included a massive amount of digital tokens, with 5.43 trillion SHIB tokens valued at $102 million, 15,298 ETH worth $52.5 million, 20.5 million MATIC valued at $11.24 million, 640.27 billion $PEPE worth $7.6 million, 5.79 million USDT, and 135 million GALA valued at $3.5 million. The attacker was reported to be selling and converting these assets to ETH, further complicating the situation.
In response to the security breach, WazirX issued a statement confirming the incident involving one of its multisig wallets. The exchange assured its users that they are actively investigating the matter and have temporarily paused INR and crypto withdrawals to prevent any further unauthorized access to assets. The safety and security of user funds are of paramount importance, and WazirX is taking necessary steps to address the breach.
There have been allegations suggesting the involvement of the North Korea-backed hacker group Lazarus in the attack on WazirX. Cyvers Alert indicated that the use of TornadoCash to fund the transactions bears resemblance to methods used in previous high-profile attacks, hinting at a possible connection to Lazarus Group. While it is still early to definitively link the incident to Lazarus Group, the similarities are concerning and warrant further investigation.
The exploitation of WazirX by hackers raises significant concerns within the crypto industry about the vulnerability of digital exchanges to cyber threats. With the emergence of notorious hacking groups like Lazarus, the need for robust cybersecurity measures has never been more critical. Crypto exchanges must prioritize the security of user funds and implement stringent security protocols to prevent such incidents in the future.
The exploitation of WazirX highlights the ongoing challenges and risks faced by crypto exchanges in safeguarding user assets. It serves as a stark reminder of the constant threat posed by cybercriminals and the importance of proactive security measures in mitigating potential risks. As the crypto industry continues to evolve, exchange platforms must remain vigilant and resilient in the face of ever-evolving cybersecurity threats.
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