WazirX Hacked: $230 Million Stolen From India’s Largest Cryptocurrency Exchange. Here’s What Happened

WazirX said it faced a major security breach that caused the cryptocurrency exchange to temporarily block withdrawals of INR and cryptocurrencies. The action was taken following the suspicious transfer of $230 million worth of assets from one of its multisig wallets, a cryptocurrency wallet that requires two or more private keys to unlock and withdraw funds.

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WazirX said in a post on X (formerly Twitter), “We are aware that one of our multisig wallets has suffered a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily suspended. Thank you for your patience and understanding. We will keep you posted with further updates.”

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Lookonchain, a third-party blockchain analytics tool, said that WazirX’s stolen assets included $102 million in Shiba Inu, $52.5 million in Ethereum, $11.24 million in Matic, $7.6 million in Pepe coin, $135 million in Tether, and $3.5 million in Gala.

In response, Ashish Singhal, co-founder of CoinSwitch, said: “We are aware of the recent security breach on the WazirX platform. We want to assure our users that their funds on CoinSwitch are safe and unaffected by this incident. We advise all our cryptocurrency investors to be aware of the potential market volatility during this time and to exercise caution in their trading and investing activities.”

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Sumit Gupta, co-founder of CoinDCX, said: “In light of the recent #WazirX breach, we want to reassure all CoinDCX users that your assets are safe and have not been impacted in any way. Our wallet security remains solid.”

Edul Patel, CEO of Mudrex, said, “We conduct regular audits to ensure a 1:1 fund ratio. Additionally, our code base undergoes thorough scrutiny and multi-layered review to ensure our technology infrastructure is immune to such exploits.”

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