Indian Crypto Exchange WazirX Hacked, Over ₹1900 Crore of Funds Stolen

• WazirX revealed a security breach in its multisig wallet, suspending all INR and crypto withdrawals to safeguard user funds.
• Web3 security firm Cyvers uncovers suspicious transactions from WazirX’s Safe Multisig wallet, moving $234.9 million to a new address.

Indian cryptocurrency exchange & trading platform, WazirX today revealed on X (formerly Twitter) that one of its multisig wallets has experienced a security breach. The exchange has temporarily suspended Indian rupee (INR) and crypto withdrawals to protect user funds while investigating the incident.

Web3 security firm Cyvers has detected multiple suspicious transactions involving WazirX’s Safe Multisig wallet on the Ethereum network. 

Cyvers also reported that $234.9 million (over ₹1900 crore) of WazirX’s funds were moved to a new address and each transaction's caller is funded by Tornado Cash. Additionally, the suspicious address has swapped $PEPE, $GALA, and $USDT to $ETH and continues swapping other digital assets.

Further analysis showed that the new address holds a variety of digital assets. 

In a Telegram post on the "Investigations by ZachXBT" channel, crypto investigator ZachXBT revealed that the wallet mainly contains about $100 million in Shiba Inu, $52 million in ETH, and $11 million in Polygon. It also has $4.7 million in FLOKI, $3.2 million in Fantom, $2.8 million in Chainlink, $2.3 million in Fetch.ai (FET), and the rest spread across various other tokens.

Edited by Harshajit Sarmah