The India ka Bitcoin Exchange, WazirX suffered the biggest cyber attack on 18th July 2024. This breach has led to the loss of approximately $230 million in digital assets. It is the biggest cyber attack- WazirX hacked and shook the confidence of many investors and users.
The spokesperson of WazirX said,
“Despite us taking all necessary steps to protect the customer assets, the cyber attackers appear to have possibly breached such security features, and the theft occurred.”
What Happened to WazirX?
WazirX announced that hackers had managed to infiltrate one of their multisignature wallets, leading to a significant loss. The crypto wallet was part of the infrastructure managed by Liminal, a digital asset custody service. The attack exposed vulnerabilities in the system, despite multiple layers of security.
This wallet required approvals from six signatories: five from WazirX and one from Liminal. Transactions typically needed three approvals from WazirX’s side and a final one from Liminal. Despite these precautions, the attackers manipulated the system, allowing unauthorized transactions.
WazirX Hacked News- List of Stolen Assets
The list of lost WazirX cryptocurrencies includes:
- 5.43 trillion SHIB ($102 million)
- 15,298 ETH ($52.5 million)
- 20.5 million MATIC ($11.24 million)
- 640.27 billion PEPE ($7.6 million)
- 5.79 million USDT
- 135 million GALA ($3.5 million)
These assets represent a significant portion of WazirX’s holdings, and the breach’s scale has left many users in distress.
The total amount of $230 Million has been lost. In the June proof-of-holding disclosure, it reported a total holding of $500 Million. This means almost half of the holdings are stolen.
Immediate Response and Impact
Following the breach, WazirX took several immediate actions:
1. WazirX quickly blocked all withdrawals to prevent further losses. This move left many users unable to access their funds, leading to frustration and panic.
2.WazirX lodged a formal complaint with local authorities and India’s cyber crimes unit (CERT-In).
3. The exchange is working with forensic experts to trace the stolen assets and understand how the breach occurred.
4. To recover the stolen funds, WazirX has reached out to other cryptocurrency exchanges, hoping to trace the assets.
WazirX Account Locked
The WazirX hacked news and as Wazirx withdrawal has been blocked, there is widespread concern among WazirX users. Many took to social media to express their worries and seek updates. The keyword “WazirX down” trended as users experienced difficulties accessing their accounts and making transactions.
If you find your WazirX account locked, it is a precautionary measure by the exchange to secure funds. WazirX has assured users that they are working with full effort to resolve the issue. However, the timeline for unlocking accounts and resuming normal operations remains uncertain.
Implications For Cryptocurrency Industry
The WazirX hack has significant implications for the cryptocurrency industry in India and beyond:
1. This incident will likely lead to the introduction of stricter security protocols and compliance requirements.
2. Users may become more cautious about storing their assets on exchanges.
3. Such a huge loss can affect the market sentiment. Cryptocurrencies linked to the hack may experience volatility as the news spreads.
What WazirX Said?
In a tweet, WazirX emphasized its commitment to transparency and community welfare. They detailed their preliminary findings and reassured users that they were doing everything possible to recover the funds and enhance their security protocols.
Conclusion
The WazirX hacked news is a reminder of the vulnerabilities in the cryptocurrency industry. While the loss of $230 million is huge, it also highlights the importance of strong security measures and quick response actions. As WazirX works to recover the stolen funds and restore user confidence, the entire crypto community will be watching closely, hoping for a fast resolution and stronger security in the future.
Also Read About: The Largest IT Outage In History: Is It A Cyberattack?
