The Indian crypto exchange , WazirX, temporarily suspended withdrawals on Thursday after it was hit by the cyber security breach.
“We are aware of a security breach that occurred in one of our multisignature wallets. Our team is investigating the incident. In order to ensure your assets’ safety, INR withdrawals and crypto withdrawals have been temporarily halted,” WazirX stated in a press release.
Details by WazirX
Multisig wallets is a type crypto wallet which requires two or multiple private keys for authentication and confirmation of transactions before they can be processed.
WazirX also identified two additional exploited smart contracts. The team continues to investigate the incident.
“For now, we’ve opened a website that is only accessible to approved users. WazirX warned on X, formerly Twitter, that your funds were at risk unless you revoked.
According to Web3 security firm Cyvers “multiple suspicious transaction” was detected in WazirX Safe Multisig wallet Ethereum.
According to the post they made on X it’s believed that $234.9 millions of funds from the Safe Multisig wallet have been moved to a different address. Each transaction was funded by Tornado Cash – a decentralized protocol on Ethereum for private transactions.
Cyvers claimed that “the suspicious address has swapped $PEPE ($Pepe),$GALA ($Gala),and $USDT(Tether)to $ETH (Ether), and continues to swapother digital assets.”
Vikram Subburaj said that following the incident: “People with funds in WazirX should stay calm and allow the WazirX staff to resolve the problem.” To reduce panic, please note that your funds are SAFE in Giottus.
WazirX has a large following among Indian traders, and is primarily focused on the Indian market. It is one of the few exchanges registered with the Financial Intelligence Unit in India, which allows it to provide crypto exchange services for Indian citizens.
