Cryptocurrency exchange platform WazirX was hit by a security breach resulting in withdrawals exceeding $230 million during the early European hours on Thursday,
The security breach compromised one of its wallets, leading to the loss of user funds.
“We’re aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding. We’ll keep you posted with further updates,” the crypto platform said in a post on X.
The stolen funds make up over 45% of the exchange’s $500 million holdings, as reported in June by the platform.
“Crypto platforms must continuously upgrade their tech infrastructure and conduct frequent fund and tech audits. This incident highlights the importance of continuous monitoring and robust compliance frameworks to protect investors and maintain the integrity of the crypto ecosystem,” said Edul Patel, CEO and Co-founder of Mudrex.
Multisig wallets, which require two or more private keys to authorise and confirm transactions before processing, were involved.
Early blockchain data from Lookonchain indicates that over $100 million in Shiba Inu (SHIB) tokens were withdrawn, the largest amount among the lost funds. This was followed by $52 million in Ether (ETH), $11 million in Matic’s MATIC, and $6 million in Pepe (PEPE).
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