WazirX hacked: $230 million stolen from India’s biggest crypto exchange. Here’s what happened

WazirX said that it faced a major security breach owing to which the crypto exchange temporarily stopped INR and crypto withdrawals.

The action was taken following suspicious transfer of assets worth $230 million from one of its multisig wallets- a crypto wallet which requires two or more private keys to unlock and withdraw funds.

WazirX said in a post on X (formerly Twitter), “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.”

Third party blockchain analytics tool Lookonchain said that the stolen assets from WazirX included $102 million of Shiba Inu, $52.5 million in Ethereum, $11.24 million in Matic, $7.6 million in Pepe coin, $135 million in Tether, and $3.5 million in Gala.

In response, Ashish Singhal, co-founder of CoinSwitch said, “We are aware of the recent security breach on the WazirX platform. We want to assure our users that their funds on CoinSwitch are secure and unaffected by this incident. We advise all our crypto investors to be mindful of potential market volatility during this time and exercise caution in their trading and investment activities.”

Sumit Gupta, co-founder, CoinDCX said, “In light of the recent #WazirX breach, we want to reassure all CoinDCX users that your assets are safe and not impacted in any manner. Our wallet security remains robust.”

Edul Patel, CEO, Mudrex said, “We conduct regular audits to ensure a 1:1 ratio of funds. Additionally, our codebase goes through extensive scrutiny and review at many layers to ensure our tech infrastructure is immune to such exploits.”