WazirX Under Attack! SHIB, PEPE, LINK, MATIC Impacted in $230 Million Hack

Oof, that’s a harsh blow for the Indian crypto markets. WazirX, the nation’s largest digital asset exchange, has fallen victim to a massive security breach. Hackers exploited a vulnerability in the platform’s multisig wallets, making off with over $230 million worth of cryptocurrencies. The alarming incident was first uncovered by Cyvers Alert, which detected a suspicious address rapidly converting a variety of digital assets into Ethereum.

In response to the breach, WazirX informed its users that all operations, including INR and crypto withdrawals, will be temporarily paused to facilitate the investigation.

Here’s more about the attack.

Impacted Crypto Assets in WazirX Hack

The attack affected several digital assets, including the frog-themed meme coin Pepe (PEPE), GALA (GALA), Shiba Inu (SHIB), Fantom (FTM), Fetch.ai (FET), Floki Inu (FLOKI), Chainlink (LINK), Polygon (MATIC), and USDT.

According to blockchain investigator ZachXBT, the attacker still controls more than $100 million worth of SHIB and $4.7 million worth of FLOKI, which could potentially be swapped for Ether. The stolen assets are reportedly being converted to Ether in preparation for deposit into Tornado Cash, a crypto mixer.

The attack on WazirX comes amid the ongoing crypto recovery led by Bitcoin and Ethereum. The crypto industry had shown early signs of bullish recovery as the Mt.Gox repayments proceeded without major glitches. 

The substantial losses incurred by WazirX are expected to send shockwaves through the crypto industry in the coming months. Notably, the affected assets, especially Shiba Inu, have already started to retract from their recent gains.

The crypto world is in shock. What do you, the investor, think?