WazirX, one of India’s leading cryptocurrency exchanges, suffered a major security breach on July 18, 2024. Attackers stole approximately $235 million worth of cryptocurrencies by hijacking the platform’s Secure Multisig wallet on the Ethereum blockchain. This incident was recorded as one of the biggest hacking attacks faced by cryptocurrency exchanges. Here are the details…
Hack shock to the cryptocurrency exchange
On July 18, 2024, WazirX, one of India’s leading Bitcoin and altcoin exchanges, became the target of cyber attackers. Attackers stole $235 million worth of cryptocurrencies by hijacking the Secure Multisig wallet on the platform’s Ethereum Blockchain. This incident was recorded as one of the largest hacking attacks in cryptocurrency history and caused great panic among Bitcoin and altcoin investors.
Web3 security firm Cyvers Alert first announced the incident on Twitter. According to Cybers Alert’s findings, “multiple suspicious transactions” occurred in WazirX’s wallet. The attackers collected approximately $234.9 million worth of cryptocurrencies from the wallet and transferred these assets to a new address. A significant portion of the stolen funds were represented by cryptocurrencies such as Tether (USDT), Pepe (PEPE) and Gala (GALA). The attackers quickly converted these assets into Ethereum. This was intended to make it harder to track and recover stolen money.
The price of the WRX token decreased
The security breach also led to a significant drop in the price of WazirX’s native token, WRX. Following the attack, WRX lost 10% of its value, falling to $0.22. WazirX has not made an official response to the hack and has not made any statements regarding the recovery of stolen funds or compensation plans for affected users. This situation created anxiety and distrust among the users of the platform.
This incident once again showed how vulnerable crypto exchanges are to cyber attacks. Such an attack on even a large platform like WazirX could raise security concerns in the entire Bitcoin and altcoin industry. The investigation into the incident continues and the identities of the attackers are not yet known. Authorities are trying to track down the stolen money and bring the attackers to justice. The WazirX hack incident is an important warning for crypto investors. Investors need to take the necessary steps to store their assets safely and be careful about which platforms they will trade on.
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