Indian Crypto Exchange WazirX Hit by $235 Million Cyber Heist
On July 18th, Cyvers Alert, a Web3 security company, reported alarming activity involving WazirX, an Ethereum wallet. The security firm found that around $234.9 million had been moved from WazirX’s Safe Multisig wallet to a new address. Disturbingly, these transfers were carried out using Tornado Cash, a service that conceals the sources of funds.
Subsequently, the stolen money was converted into Ether, Ethereum’s primary cryptocurrency, and then cycled through various other cryptocurrencies such as Tether (USDT), Pepe (PEPE), and Gala (GALA). This series of transactions likely aimed to complicate efforts to trace the funds’ origins and destination.
Cyvers Alert specializes in identifying such vulnerabilities in Web3 technologies, which underpin cryptocurrencies like Ethereum. This incident has sparked discussions about the security of these systems, particularly concerning wallets that require multiple approvals for transactions.
WazirX, the owner of the compromised wallet, has yet to release an official statement regarding the breach or their response to it. This event is raising concerns about the need for enhanced security measures and greater transparency in cryptocurrency operations.
In the realm of cryptocurrencies, where tracking transactions can be challenging, such incidents underscore the critical importance of robust security protocols and adherence to regulatory standards. The community is keenly observing the developments and their potential impact on the future of digital finance.
