Web3 security firm Cyvers reported via a tweet post that $234.9 million from the Safe Multisig wallet of a popular Indian crypto exchange Wazirx has been moved to a new address, with each transaction funded through Tornado Cash, a decentralized protocol for private transactions.
ALERT Hey @WazirXIndia, Our system has detected multiple suspicious transactions involving your Safe Multisig wallet on the #ETH network.
A total of $234.9M of your funds have been moved to a new address. Each transaction's caller is funded by @TornadoCash.
The suspicious… pic.twitter.com/4sajAwd4Hb
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— Cyvers Alerts (@CyversAlerts) July 18, 2024
Initially, it was believed that these transactions were part of internal financial activities by the WazirX team. However, the WazirX team later addressed these reports and admitted that the hack attack claims were true.
The Wazirx team reported that one of their multisig wallets has experienced a security breach. The team is actively investigating the incident to determine the extent of the breach and secure the platform.
To ensure the safety of users’ assets, INR and crypto withdrawals have been temporarily suspended. The WazirX team appreciates the community’s patience and understanding during this time. Further updates will be provided as the investigation progresses.
So far, no statement has been released by WazirX CEO Nischal Shetty regarding the hack. The incident has sent shockwaves through the crypto community, raising concerns about the security of funds on the exchange. Users are anxiously awaiting further details and reassurances from the WazirX leadership.
Wazirx token price action
Following this hacking incident news, the trade price of $WRX token crashed 14% within a couple of hours.
Now, it will be interesting to see the price action of the $WRX token from this level.
A couple of years ago, WazirX was operating under the control of Binance, but a conflict resulted in a significant dispute between the WazirX CEO and the Binance CEO. After that dispute, Binance terminated support for Wazirx token, which further caused a significant downfall in the trade price.
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Massive Security Breach: $234.9 Million Drained from WazirX Wallet in Major Hack
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