Breaking News Wazirx an Indian Cryptocurrency Exchange Falls Victim to 235M Hack Is the Safety of Your Funds Assured

In a surprising turn of events, WazirX, a popular cryptocurrency exchange in India, has fallen victim to a hacker attack, resulting in a loss of $235 million. This incident marks one of the largest heists of the year, causing significant concern within the crypto community.

The breach was initially identified by web security firm Cyvers Alert, who noticed suspicious transactions from the WazirX Safe Multisig wallet on the Ethereum network. What adds to the shock is that the hacker has already begun selling the stolen funds, while the crypto exchange remains silent on the security of user funds, despite acknowledging the hack.

The untouched funds, amounting to approximately $234.9 million, were transferred to a new wallet, with each transaction being funded through Tornado Cash. The attackers wasted no time in converting the stolen funds, such as Tether (USDT), Pepe (PEPE), and Gala (GALA), into Ether (ETH).

Crypto analyst and investigator ZachXBT revealed on his Telegram channel that the primary hacker still possesses over $104 million. The hacker’s wallet is currently filled with a substantial portfolio, including more than $100 million worth of SHIB and over $4.7 million worth of FLOKI, which they are looking to sell.

WazirX has acknowledged the breach, announcing through a post on X (previously Twitter) that they are actively working to identify the perpetrator who gained access to their multisig wallets and are making efforts to recover users’ assets. In the meantime, all cryptocurrency and INR withdrawals have been temporarily suspended to prevent further losses.

While the exchange has promised to release more information as the situation develops, there is no guarantee regarding the safety of funds. This unfortunate incident serves as a reminder for crypto users to take necessary precautions to protect their assets. Here are some key recommendations:

1. Utilize hardware wallets: It is advisable to store the majority of your cryptocurrency assets in hardware wallets, as they are offline and less susceptible to hacking.

2. Enable two-factor authentication (2FA): Adding an extra layer of security, enable 2FA on your exchange and wallet accounts to enhance protection.

3. Regularly monitor accounts: Stay vigilant by regularly monitoring your accounts and promptly report any suspicious activities to your financial institution.

4. Diversify storage: Avoid relying solely on one method of storing your funds. Instead, distribute them across multiple wallets to mitigate the risk of losing all your assets.

In light of this incident, it is crucial for crypto users to prioritize the safety of their funds and remain cautious in the ever-evolving landscape of cybersecurity threats.

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