India’s largest crypto platform, WazirX, was hacked, losing $235 million on July 18, 2024. The breach affected a multisig wallet, forcing WazirX to pause withdrawals temporarily.
This incident marks one of the largest hacks on a centralized exchange in recent years, with $100 million in Shiba Inu (SHIB) and $52 million in Ether (ETH) stolen. The hacker quickly offloaded the SHIB on Uniswap, drastically impacting its value.
Bitcoin’s trading pairs with the Indian rupee plummeted, causing a 9.2% discount compared to U.S. markets. Mudit Gupta from Polygon Labs described the attack as methodical and organized, possibly linked to North Korea’s Lazarus Group.
The hack could prompt stricter regulations from the Indian government, already skeptical of cryptocurrencies. WazirX customers are demanding answers, while rival exchanges emphasize their security measures to attract users.
The long-term impact of this hack could reshape India’s crypto landscape, affecting regulatory approaches and customer trust.
