Important Update: WazirX Security Breach Leads to Huge Losses

WazirX Security Breach: Bitcoin and SHIB Suffer Massive Loss of Value

Blockchain tracker Lookonchain said on Friday that the exploiter associated with North Korea, who successfully stole $230 million from the Indian cryptocurrency exchange WazirX, has primarily transferred the loot to ether (ETH). At present pricing, the exploiter possesses over 59,097 ETH, valued at $200 million, plus an additional $15 million in other tokens.

• Nearly all of the tokens listed on WazirX traded at significant discounts to their local and worldwide prices as of Friday morning, indicating very strong selling pressure and low liquidity.
• As opposed to other local bourses like CoinDCX and Zebpay, where prices were down 2%, the trading pair denominated in bitcoin and rupee was down 22% over the last 24 hours. The Shiba Inu/rupee exchange rate has dropped by 30%.
• Over the last day, the value of WazirX’s own WRX token has decreased by 4.18%.

WazirX Security Breach: Digital Interface and Crypto Wallet Mismatch Problem Leads to Massive Losses

A security compromise in one of WazirX’s multisignature wallets occurred on Thursday, draining the exchange of nearly $100 million in Shiba Inu (SHIB) and $52 million in ether, among other assets. The exchange’s June 2024 report said that over 45% of the overall reserves were made up of stolen monies, which effectively dashed user aspirations for a recovery. Despite having five signers from WazirX on a wallet that held user funds, it was attributed to a mismatch between a digital interface and a significant cryptocurrency wallet that ultimately set off the vulnerability.

During the cyber attack, there was a mismatch between the information displayed on Liminal’s interface and what was actually signed. We suspect the payload was replaced to transfer wallet control to an attacker.

WazirX

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