On July 18, hackers targeted Indian cryptocurrency exchange WazirX and stole $235M. Cyvers, a Web3 security firm, identified suspicious transactions leveraging WazirX's Safe Multisig wallet on Ethereum.
The attackers funded their addresses with Tornado Cash. They then transferred $234.9M in various cryptocurrencies, changing them to Ether to conceal their activities.
WazirX's wallet had $100M in Shiba Inu, $52M in Ethereum, and $11M in MATIC, among other tokens. Following the incident, WazirX suspended withdrawals and launched an aggressive investigation. WazirX's Rajagopal Menon stated that updates would be available via Twitter.
Utkarsh Tiwari of KoinBX noted that the attack affected several stakeholders. He expects Indian exchanges to strengthen security procedures, particularly during India's G20 chairmanship, which is pushing for harmonized norms.
Security experts suspect North Korean hackers, probably from the Lazarus Group, were involved. Investigations show that they hacked WazirX's multi-signature wallet mechanism.
In response, WazirX filed a police report and notified security agencies, working with over 500 exchangers to ban certain addresses.
