India’s leading cryptocurrency exchange, WazirX, has suffered a significant security breach, with hackers making way with over $230 million worth of digital assets. The incident, reported by blockchain analysis firm Lookonchain, raises concerns about the safety of user funds on cryptocurrency exchanges.
The attack involved the unauthorized transfer of multiple cryptocurrencies from WazirX wallets to an unknown address, identified by Lookonchain as 0x04b…91a88. Shiba Inu (SHIB), a popular meme token, appears to be the biggest loser in the heist, with hackers stealing a staggering 5,433,750,000,000 (5.43 trillion) SHIB tokens, valued at roughly $102.1 million at the time of the theft. This information was corroborated by Whale Alert, a leading crypto tracker.
The stolen assets extend beyond SHIB, with reports indicating the theft of over 15 different cryptocurrencies. These include Ethereum (ETH), Polygon (MATIC), Pepe (PEPE), Tether (USDT), and Gala Games (GALA). According to Lookonchain, the hackers have already begun selling off the stolen assets. Data from Etherscan suggests that SHIB is among the cryptocurrencies being dumped, with transactions involving the movement of large quantities of SHIB to another address linked to the attackers.
The stolen SHIB tokens pose a further threat, as CryptoQuant, an on-chain data analytics provider, suggests they could be readily converted into Ethereum, potentially causing further downward pressure on the SHIB price. This aligns with the current market situation, where SHIB has taken a significant hit, plummeting over 9% in the last 24 hours. CoinMarketCap data shows SHIB to be the worst performer among the top 20 cryptocurrencies by market cap, with some analysts suggesting the hack may have contributed to the decline alongside the broader bearish market trend.
WazirX has yet to comment on the specifics of the attack or the recovery of stolen funds. The exchange has, however, confirmed a temporary suspension of cryptocurrency and Indian rupee withdrawals to ensure the safety of remaining user assets. As investigations continue, the WazirX hack serves as a stark reminder of the vulnerabilities inherent in cryptocurrency exchanges and the importance of robust security measures to protect user funds.
