In a recent report by blockchain security firm Cyvers Alert, it was revealed that the Indian exchange WazirX fell victim to an exploitation resulting in the loss of approximately $235 million. According to Cyvers, multiple suspicious transactions were detected involving WazirX’s Safe Multisig wallet on the ETH network, with a total of $234.9 million being moved to a new address. The transactions were funded by Tornado Cash, indicating a complex scheme used by the culprit.
Stolen Assets
The stolen assets from the breach included 5.43 trillion SHIB tokens valued at $102 million, 15,298 ETH worth $52.5 million, 20.5 million MATIC worth $11.24 million, 640.27 billion $PEPE worth $7.6 million, 5.79 million USDT, and 135 million GALA valued at $3.5 million. The attacker was observed selling and converting these assets to ETH, showcasing a pattern of covering their tracks through various cryptocurrencies.
In a public statement, WazirX confirmed the security breach in one of its multisig wallets, leading to an undisclosed loss of funds. The exchange assured its users that an investigation was underway, and as a precautionary measure, withdrawals of INR and cryptocurrencies were temporarily suspended to prevent further unauthorized access to assets.
While investigations are ongoing, Cyvers raised concerns about the possible involvement of the North Korea-backed hacker group Lazarus in the attack on WazirX. Cyvers CEO Deddy Lavid pointed out that the use of TornadoCash to fund the transactions bore similarities to tactics employed in previous high-profile cyber attacks. Though a definitive link has not been established, the resemblance is troubling and warrants further scrutiny.
The Lazarus Group has gained notoriety in recent years as a prominent hacking collective targeting the cryptocurrency industry. Known for their sophisticated cyber operations, the group has been implicated in several high-profile security breaches, raising alarms within the digital asset community.
The exploitation of WazirX serves as a stark reminder of the persistent threats faced by cryptocurrency exchanges in the evolving landscape of cybercrime. The incident highlights the importance of robust security measures and constant vigilance to safeguard user funds and maintain the integrity of the digital asset ecosystem. As the investigation unfolds, stakeholders are urged to remain vigilant and adopt proactive measures to mitigate the risks posed by sophisticated cyber adversaries.
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