WazirX reported a significant security breach, causing the crypto exchange to temporarily halt INR and crypto withdrawals. This decision followed the suspicious transfer of $230 million worth of assets from one of its multisig wallets, which require two or more private keys to access.
In a post on X (formerly Twitter), WazirX stated, “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 reported that the stolen assets included $102 million in 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.
Responding to the incident, 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 of CoinDCX, added, “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 of Mudrex, commented, “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.”
