WazirX, a major Indian crypto exchange, has suffered a significant breach, losing over $234 million in various crypto assets. The exploit, confirmed by Cyvers, targeted WazirX’s Ethereum-based multi-signature wallet, with transactions beginning at 06:19 UTC.
This breach stands out due to its substantial financial impact, involving multiple assets like Gnosis, Pepe, and Shiba Inu. Hackers utilized Uniswap V3 to swap the stolen tokens for Ethereum, with a primary address holding 15,296 ETH worth $52.5 million.
WazirX has suspended withdrawals in response, prioritizing the safety of customer assets. This incident follows a recent trend of high-profile crypto hacks, including a $8 million exploit on LI.FI. In June alone, hacking incidents resulted in losses of $176.2 million.
The strategic importance of this event underscores the urgent need for enhanced security measures in the crypto industry.
