WazirX Faces Cyber Hack: Major Concerns Arise in Indian Crypto Market
WazirX, the largest digital asset exchange in India, made the difficult decision to temporarily suspend its trading services following a recent cyber hack that compromised the platform’s security. This incident, which occurred earlier this year, has sparked significant discussions in the crypto community and raised concerns about the safety of digital assets on the exchange.
Security Breach Leads to Trading Services Suspension
Last week, WazirX fell victim to a cyber attack that targeted one of its multi-signature wallets, resulting in the loss of millions of dollars worth of digital assets. The hackers, believed to be associated with the notorious Lazarus Group, stole over $235 million in cryptocurrencies such as Shiba Inu, Ethereum, PEPE, and GALA, among others.
- The hackers targeted a multi-sig wallet, leading to a significant loss of digital assets.
- Over $235 million in cryptocurrencies were stolen, including popular tokens like Shiba Inu and Ethereum.
- The incident has raised concerns about the security of digital assets on the platform.
Immediate Actions Taken by WazirX
In response to the security breach, WazirX took swift action to protect its users’ funds by suspending trading services and withdrawals. The exchange stated that the cyber theft had impacted its ability to maintain 1:1 collaterals with assets, prompting the temporary halt in trading activities to prevent further damage.
- Trading services and withdrawals were suspended to safeguard user funds.
- The team is conducting forensic data examination and security audits to facilitate withdrawals.
- An investigation into the cyber hack has been launched, with a complaint filed to the police.
Response to Fake Reimbursement Email
Following the cyber attack, WazirX received reports of a scam email circulating among its users, purporting to offer reimbursement for stolen funds through an airdrop scheme. The exchange warned users to remain vigilant and avoid falling victim to such fraudulent activities.
- Users have been cautioned about scam emails promising fake reimbursements for stolen funds.
- WazirX is actively monitoring and responding to fraudulent attempts targeting its users.
- The exchange is committed to ensuring the safety and security of its users’ assets.
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