Crypto Platform WazirX Suffers Security Breach, $230 Million Withdrawn

Indian crypto exchange WazirX acknowledged in a post on X (formerly Twitter), “We’re aware that one of our multisig wallets has experienced a security breach.” They added that the firm is actively investigating the incident.

Indian crypto exchange WazirX experienced a security breach early Thursday during European hours, leading to over $230 million in withdrawals and the loss of user funds from one of its wallets.

“We’re aware that one of our multisig wallets has experienced a security breach,” WazirX stated in a post on X (formerly Twitter). “Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused.”

🚨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

— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) July 18, 2024

According to Web3 security firm Cyvers, “multiple suspicious transactions” were detected involving WazirX’s Safe Multisig wallet on Ethereum. Their post on X indicated that $234.9 million of funds in the Safe Multisig wallet were moved to a new address, with each transaction’s caller funded by Tornado Cash, a fully decentralized protocol for private transactions on Ethereum.

The suspicious address has already swapped $PEPE (Pepe), $GALA (Gala), and $USDT (Tether) to $ETH (Ether) and continues to exchange other digital assets,” claimed Cyvers.