Crypto Player WazirX Hacked, Withdrawals Temporarily Paused It has put INR and crypto withdrawal on a temporary pause. The compromised funds include approximately USD 100 million in Shiba Inu (SHIB), USD 52 million in Ethereum (ETH), and USD 11 million in Polygon (MATIC). With the remaining being in Floki, Fantom, Chainlink, and Fetch.ai

By Entrepreneur Staff

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WazirX

Indian cryptocurrency player, WazirX, experienced a security breach in one of its wallets, causing the loss of user funds on Thursday. The matter is currently being investigated.

The 2017-founded startup took to X to confirm the fund hack. "We're aware that one of our multisig wallets has experienced a security breach," it posted. A multi-signature wallet requires the permission of multiple stakeholders before carrying out any transaction.

It has put INR and crypto withdrawal on a temporary pause.

According to media reports, over USD 230 million have been moved to a new address. Notably, it is speculated that each transaction's caller is funded by Tornado Cash, the decentralized protocol for private transactions. With Tornado Cash, the hacker is using the crypto mixer to remove the background.

Transactional data shows the exploiter actively selling the stolen holding using the on-chain exchange Uniswap. The new address has already swapped and shifted funds comprised of Tether, Pepe, and Gala to Ether.

Lookonchain reported that the compromised funds include approximately USD 100 million in Shiba Inu (SHIB), USD 52 million in Ethereum (ETH), and USD 11 million in Polygon (MATIC). With the remaining being in Floki, Fantom, Chainlink, and Fetch.ai.

It has also identified two more exploited smart contracts which are under investigation. "For the time being we have opened up a secluded website to revoke all approvals. Your funds are at risk until you revoke," it also read.

The hack comes just days before the budget 2024.
Entrepreneur Staff

Entrepreneur Staff

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