Back to News
Crypto

$235M Hack on WazirX Raises Security Concerns for Indian Crypto

The $235M hack on WazirX reveals security flaws — with investigations pointing to a potential North Korean involvement.
$235M Hack on WazirX Raises Security Concerns for Indian Crypto

On July 18, hackers targeted Indian cryptocurrency exchange WazirX and stole $235M. Cyvers, a Web3 security firm, identified suspicious transactions leveraging WazirX's Safe Multisig wallet on Ethereum.

The attackers funded their addresses with Tornado Cash. They then transferred $234.9M in various cryptocurrencies, changing them to Ether to conceal their activities.

WazirX's wallet had $100M in Shiba Inu, $52M in Ethereum, and $11M in MATIC, among other tokens. Following the incident, WazirX suspended withdrawals and launched an aggressive investigation. WazirX's Rajagopal Menon stated that updates would be available via Twitter.

Utkarsh Tiwari of KoinBX noted that the attack affected several stakeholders. He expects Indian exchanges to strengthen security procedures, particularly during India's G20 chairmanship, which is pushing for harmonized norms.

Security experts suspect North Korean hackers, probably from the Lazarus Group, were involved. Investigations show that they hacked WazirX's multi-signature wallet mechanism.

In response, WazirX filed a police report and notified security agencies, working with over 500 exchangers to ban certain addresses.

Sign up for our newsletter
Get the daily newsletter that helps thousands of investors understand the markets.
Thank you for subscribing!
Oops! Something went wrong while submitting the form.
Share
Read more news
View all →
Back to News
Text Link

Heading

This is some text inside of a div block.

Heading 1

Heading 2

Heading 3

Heading 4

Heading 5
Heading 6

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.

Block quote

Ordered list

  1. Item 1
  2. Item 2
  3. Item 3

Unordered list

  • Item A
  • Item B
  • Item C

Text link

Bold text

Emphasis

Superscript

Subscript

Tags
No items found.
Sign up for our newsletter
Get the daily newsletter that helps thousands of investors understand the markets.
Thank you for subscribing!
Oops! Something went wrong while submitting the form.
Share
Read more news
View all →
No items found.