After I hit him Huge breakthrough Following a financial scandal that cost its investors $235 million on Thursday, Indian cryptocurrency exchange WazirX has taken immediate steps to mitigate the damage and filed a police complaint to recover the stolen funds.
WazirX Launches Legal Prosecution Campaign
at recent days to update Regarding the situation, WazirX posted on social media stating that the exchange has reported the incident to the Financial Intelligence Unit (FIU) and India’s Computer Emergency Response Team. The exchange stated:
In response to the cyber attack, we have filed a complaint with the police and are seeking further legal action. We will keep the community updated.
Additionally, the exchange has reportedly contacted over 500 other cryptocurrency exchanges and asked them to block the identified cryptocurrencies. Titles Associated with the exploit, which resulted in the loss of SHIB, ETH, MATIC, and PEPE tokens worth $96, $52, $11, and $7.6 million respectively.
The exchange noted that it is actively working with these exchanges to identify additional resources to assist in recovery efforts and help customers affected by the hack.
WazirX Instant Plans include tracking: stolen moneyTo this end, the exchange is working with forensic experts and law enforcement agencies to identify and apprehend the perpetrators responsible for the exploit.
As part of its ongoing investigation, WazirX has also identified two additional smart contracts that were exploited, and is closely examining the incident.
WazirX has created a secluded website to protect users’ funds where customers can cancel all ApprovalsHowever, the exchange stresses that users’ funds remain at risk until they take this necessary step.
Multisig Wallet Vulnerability Revealed
according to a report WazirX on Thursday reported a cyberattack targeting one of its multi-signature wallets, which has relied on Liminal’s digital asset custody and wallet infrastructure services since February 2023.
The wallet was built by six people, including five from the WazirX team and one from Liminal, who were responsible for verifying transactions. A whitelisting policy was also implemented to increase security.
The exchange also discovered that the breach was due to a mismatch between the data displayed on the Liminal interface and the actual contents of the file. practical.
During the attack, a discrepancy was observed between the information displayed on the Liminal interface and the information that was signed. It is believed that the payload was manipulated to give the attacker control of the wallet, allowing them to exploit the vulnerability.
At the time of writing, the total market cap stands at $2.3 trillion, following the market’s recent recovery from its low of $1.9 trillion on July 5. SHIB, which fell more than 10% on Thursday following the exploit, has also shown signs of recovery, rising 3% to a current trading price of $0.000017.
Featured image by DALL-E, chart by TradingView.com