WazirX Exchange Hack: WazirX Suffers $235 Million Hack

WazirX Exchange Hack: $235M Heist Sends Shockwaves Through India’s Crypto Industry

WazirX Exchange Hack– The recent $235 million hack on the Indian cryptocurrency exchange WazirX on July 18 has sparked serious concerns about the security of exchanges and the future of cryptocurrency in India.

Swift and Precise Attack

The hack was executed with alarming speed and precision. Web3 security firm Cyvers was among the first to detect multiple suspicious transactions involving WazirX’s Safe Multisig wallet on Ethereum. The attacker successfully moved $234.9 million worth of funds to a new address. Each transaction was funded with assets from the cryptocurrency mixer Tornado Cash, making it difficult to trace the origins of the stolen funds.

Diverse Range of Stolen Cryptocurrencies

The stolen funds included a variety of cryptocurrencies such as Tether (USDT), Pepe (PEPE), and Gala (GALA). The attacker quickly converted these assets into Ether (ETH) to obscure the trail of the stolen funds. The exchange’s wallet also held approximately $100 million in Shiba Inu (SHIB), $52 million in ETH, $11 million in Polygon’s (MATIC), and smaller amounts of other tokens.

North Korean Hackers Suspected in $235 Million WazirX Hack

The recent $235 million hack on the Indian cryptocurrency exchange WazirX has taken a new turn, with several analysts suggesting that North Korean hackers may be responsible. This adds a layer of geopolitical intrigue to an already complex situation.

Expert Analysis Points to North Korea

Blockchain forensics firm Elliptic has indicated that the data points towards North Korean involvement. They explained, The North Korea attribution is based on analysis of the on-chain transactional behavior and other information. There are certain patterns and techniques that are characteristic of this type of actor.

This sentiment is shared by cybersecurity analyst ZachXBT, who noted that the hack has potential markings of a Lazarus Group attack. The Lazarus Group is a notorious North Korean criminal organization with a long history of cybercrime.

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