Alert: Massive Hack Hits Indian Crypto Exchange
Unfortunately, one of India’s major cryptocurrency exchanges fell victim to a heist worth $234 million. The breach targeted the exchange’s multisig wallet on the Ethereum network, leading to the theft of over 200 different cryptocurrencies like Shiba Inu, Ethereum, Polygon, and PEPE memecoin.
Hacker Converts Stolen Assets to Ether
Blockchain analytics firm Lookonchain recently disclosed that the hacker behind this incident has converted most of the looted assets into ether (ETH). As per Lookonchain’s findings, the exploiter swapped the funds for 43,800 ETH, amounting to around $149.46 million in value. Currently, the thief’s wallet holds approximately 59,097 ETH, with an estimated worth of $201.5 million.
Hacker Still Holds $15 Million in Different Coins
In addition to the ether, the hacker retains about $15 million in various cryptocurrencies, including Dent, Chromia, Celer Network, and Frontier tokens. An unusual transaction noticed by Lookonchain involved a deposit of 7.7 million Dent tokens (equivalent to $7,300) to a previously unused Binance deposit address.
The breach has prompted WazirX to halt all withdrawals for a thorough investigation into the security incident. In an in-depth official statement, the exchange disclosed that the cyber attack resulted from a discrepancy between the data displayed on Liminal’s interface and the actual transaction contents. A mismatch between the information shown on Liminal’s interface and what was signed occurred during the breach.
In a statement to CryptoNews via email, Liminal Custody clarified,
“Our preliminary investigations reveal that one of the self-custody multi-sig smart contract wallets created outside of the Liminal ecosystem has been compromised. Liminal’s platform remains secure, and its infrastructure, wallets, and assets are unaffected.”
The exact hacking method is still under investigation, but initial reports from blockchain analytics firm Elliptic suggest possible involvement of North Korea.
Elliptic’s report points to on-chain data indicating techniques commonly associated with North Korean hackers, known for targeting cryptocurrency exchanges to fund the regime. This breach adds to a string of prominent hacks in the crypto industry, raising serious concerns about the security of digital asset exchanges.
Hot Take: Stay Informed and Vigilant
It’s crucial to stay informed about the latest security breaches in the crypto space. With the recent hack on the Indian exchange, it’s evident that cyber threats persist in the industry. By keeping yourself updated and adopting stringent security measures, you can safeguard your digital assets from potential attacks.
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