WazirX, a leading cryptocurrency exchange in India, has reportedly suffered a potential security breach, which has resulted in losses of over $230 million.<\/p>\n
Cyvers Alerts, a blockchain security firm\u00a0that initially reported the attack, believes<\/a> that the threat actors targeted the exchange\u2019s Safe Multisig wallet by compromising the private keys used to upgrade it. <\/span><\/p>\n For those unaware, a\u00a0Multi-signature Wallet (multisig) is a cryptocurrency wallet that requires<\/span>\u00a0multiple private keys for transaction authorization and completion.<\/p>\n The attackers then transferred 234.9 million worth of stolen crypto assets to a new address labeled \u201c<\/span>0x04b2<\/a>\u201d and converted them into Ethereum (ETH).<\/span><\/p>\n Each transaction’s caller is reportedly funded from accounts by TornadoCash, a fully decentralized protocol for private transactions on Ethereum, which makes the tracing of funds and the identification of involved parties more difficult.<\/p>\n Cyvers Alerts alleges that the stolen assets, such as $PEPE, $GALA, and $USDT, were swiftly converted into Ethereum ($ETH) and other digital assets.<\/p>\n The security company claims to have attempted contacting the exchange 30 minutes prior to issuing the information on X but received no response.<\/p>\n WazirX has acknowledged the security breach and is actively investigating it.<\/p>\n As a preventive measure, it has temporarily paused all INR and crypto withdrawals on the exchange.<\/p>\n \u201cWe’re aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident.<\/p>\n To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding.<\/p>\n We’ll keep you posted with further updates,\u201d WazirX confirmed in a post on X.<\/p>\n ? Update: We're aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding.\u2026<\/p>\n — WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 18, 2024<\/a><\/p><\/blockquote>\n\n