WazirX, one of India’s largest cryptocurrency exchanges by trading volume, is the latest victim of a high-profile exploit, losing over $234 million in multiple crypto assets.
Cyvers, a leading Web3 security firm, highlighted the hack earlier today, confirming that it involved the Ethereum-based WazirX multi-signature wallet. Notably, on-chain data confirms that the loss amounted to $234.9 million at the time of reporting.
via etherscan DataThe hack began today at 06:19 UTC, with the first transaction involving the transfer of 4.1 Gnosis (GNO) from the WazirX wallet to the exploiters’ address. Since then, the hackers have withdrawn multiple assets, including meme coins Pepe (PEPE) and Shiba Inu (SHIB).
Several addresses were created to hide the funds, with exploiters moving them through these addresses and eventually swapping the tokens for Ethereum (ETH) using Uniswap V3. So far, three addresses identified as belonging to the hackers still hold these funds.
It is worth noting that the primary address involved in the exploit currently holds 15,296 ETH worth $52.5 million, with the rest of its holdings totaling $25.1 million across over 100 tokens. Floki (FLOKI) is the second largest individual holding, with a balance of $4.7 million.
At the time of writing, there is little information about the cause of the breach. WazirX confirmed the breach in an X disclosure minutes ago, noting that its security team is investigating the exploit. The exchange noted that it has suspended withdrawals in cryptocurrency and Indian rupee (INR) to protect customer assets.
The latest exploit is the latest in a series of recent incidents across the crypto landscape. Two days ago, the cross-chain decentralized protocol LI.FI suffered an exploit, resulting in the loss of over $8 million. A recent report indicated that hacking incidents resulted in a total loss of $176.2 million in June.