Indian cryptocurrency exchange WazirX has suffered a security breach, resulting in $234.9 million in assets transferred from its Safe Multisig wallet on Ethereum to a new address.
Web3 security firm Cyvers reported that the funds were moved through multiple transactions, with their callers all funded by crypto mixer Tornado Cash.
The new address has already converted the assets, which included Pepe (PEPE), Gala (GALA), and Tether (USDT), into Ether (ETH).
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
Crypto investigator ZachXBT identified the suspected theft address in a Telegram post. At the time of writing, this address holds approximately $52 million in ETH, $80 million in Shiba Inu (SHIB), and $1.6 million in Polygon (MATIC), among other tokens.
In response to the breach, WazirX has temporarily halted withdrawals of Indian rupees and cryptocurrencies on its platform and announced that they are “actively investigating the incident.”
The breach highlights the need for robust security measures to protect investors and ensure the integrity of the crypto market.
This comes against a backdrop of regulatory uncertainties in India’s crypto industry. Earlier this year, India’s Financial Intelligence Unit (FIU) issued compliance notices to several foreign crypto exchanges, including OKX, causing them to cease operations in the country.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
