On July 18, Indian crypto exchange WazirX experienced a substantial hack, leading to the theft of over $200 million in crypto assets. The attacker has since converted these stolen funds to Ether (ETH) to avoid being blocked.
Among the stolen assets were 15,298 ETH from WazirX’s multisig wallet, and various other cryptocurrencies, including $102 million worth of SHIB and $11.25 million worth of MATIC. The hacker’s wallet currently holds 59,097 ETH. This move leverages ETH’s high liquidity and its immunity to the blocking features that apply to ERC-20 tokens.
Interestingly, the hacker deposited 7.7 million DENT tokens to a previously unused Binance address, indicating sophisticated tactics to obscure the trail. The WazirX team suspects the attack originated from exploitation within their wallet management system, potentially involving North Korea’s Lazarus group.
WazirX has halted all withdrawals and is committed to recovering the stolen funds. This incident underscores the critical need for enhanced security protocols in crypto exchanges to prevent future breaches.
