- Over $230 million worth of cryptocurrency assets were transferred without authorization as a result of a vulnerability at WazirX.
- The exchange acknowledged that their multisig wallet was the victim of the hack.
A wallet exploit on cryptocurrency exchange WazirX WRX -18.25% led to the unapproved transfer of more than $230 million in cryptocurrency assets.
The attack drained the cash from the exchange’s multisig wallet on the Ethereum network, possibly as a result of a compromised private key. According to security company Blocksec, the attacker had to change the Safe Wallet’s implementation to a malicious contract in order to execute the attack.
The exchange has recognized the event and stated that all withdrawals have been halted as it continues to look into the outflows. We are aware that there was a security vulnerability in one of our multisig wallets. Our group is looking into the matter right now. WazirX declared that withdrawals of cryptocurrencies and INR will be temporarily halted in order to safeguard your money.
Looks like the WazirX exchange has a private key breach. A malicious contract is upgraded from a secure multi-sig wallet that contains numerous assets using the compromised private keys. The majority of the assets in the Safe Wallet are then depleted by the malicious contract, as co-founder of Blocksec Yajin (Andy) Zhou said.
The monies that were compromised were transferred to an address that has started selling the stolen property on the dark web.
The hacker took over $100 million in Shiba Inu (SHIB -6.36%), 20 million MATIC-4.80% ($11 million), 640 billion PEPE -1.16% ($7.5 million), 5.7 million USDT, and 135 million GALA -6.77% ($3.5 million) tokens, according to on-chain statistics.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
