Crypto Safety Alert: Protecting Your Assets in the Wake of a Major Security Breach 🚨
In a rather shocking incident, WazirX, a popular crypto exchange in India, is now the latest victim of a hacker attack losing $235 million, making it one of the largest heists this year.
Web 3 security firm Cyvers Alert was the first to flag this breach based on multiple unhealthy transactions of the WazirX Safe Multisig wallet on Ethereum. What’s more surprising is that the hacker has already started to sell the stolen funds, and the crypto exchange hasn’t addressed the security of user funds despite acknowledging the hack.
The unscratched funds nearing $234.9 million that were initially in the Safe Multisig wallet were transferred to a new wallet, and every transaction was funded through Tornado Cash. The attackers were also quick to cash out the stolen funds like Tether (USDT), Pepe (PEPE), and Gala (GALA) and changed them to Ether (ETH).
Crypto analyst and investigator ZachXBT revealed in his Telegram channel that the primary hacker remains with more than $104 million. The portfolio of the wallet now holds over $100M worth of SHIB and more than $4.7M of FLOKI to sell.
WazirX Acknowledges the $230 Million Breach 💰
The exchange revealed in a post on X, now formerly Twitter, that they are working to identify the perpetrator who gained access to their multisig wallets and are attempting to recover users’ assets. All cryptocurrency and INR withdrawals have been temporarily suspended to prevent further losses.
As for users, more updates will be provided as the situation escalates, but no assurances have been given regarding the safety of funds.
Keeping Your Funds Secure 🔒
Given this recent incident, crypto users must take precautionary steps to safeguard their funds. Here are some key recommendations:
- Use hardware wallets: Store the majority of your crypto assets in hardware wallets that are offline and therefore less susceptible to hacking.
- Enable two-factor authentication (2FA): Implementing 2FA on your exchange and wallet accounts adds an extra layer of security to protect your crypto assets.
- Regularly monitor accounts: Keep a close eye on your accounts and promptly report any suspicious activities to your financial institution.
- Diversify storage: Avoid relying on a single storage method. Distribute your funds across multiple wallets to mitigate the risk of losing all your assets.
Hot Take: Safeguard Your Crypto Investments Today! 🛡️
It’s crucial to prioritize the security of your crypto assets in light of recent security breaches in the industry. By following the recommended safety measures and staying vigilant, you can protect your investments from potential threats and unauthorized access. Take action now to ensure the safety and integrity of your funds in the ever-evolving crypto landscape. Stay safe, stay secure!
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