WazirX's Safe Multisig wallet on Ethereum was compromised, resulting in the transfer of funds and their conversion to Ether.

Cyvers, a security firm that specializes in Web3 technology, has identified “many dubious transactions” that pertain to WazirX’s Safe Multisig wallet on Ethereum.

Cryptocurrency exchange WazirX’s Safe Multisig wallet on Ethereum has been compromised, leading to the transfer of funds and their conversion to Ether (ETH).

Cyvers, a Web3 security company, has flagged “multiple suspicious transactions” related to WazirX’s Safe Multisig wallet on Ethereum, according to an X post. It is suspected that $234.9 million of funds in the Indian crypto exchange’s Safe Multisig wallet are being moved to a new address. Each transaction’s recipient is being funded by Tornado Cash, a decentralized protocol for private transactions.

According to a Telegram post in the “Investigations by ZachXBT” channel, crypto detective ZachXBT has announced that the suspected primary perp address still has over $104 million to unload.

“Looking at the address holdings, we can see that the wallet is mainly comprised of roughly $100 million Shiba Inu (SHIB),” the post reads.

It also held $4.7 million FLOKI, $3.2 million Fantom (FTM), and $2.3 million Fetch.ai (FET), with the remaining funds being allocated to a variety of other tokens.

In response to the security breach, the Indian exchange has paused the withdrawal of cryptocurrencies and INR from the platform.

“The WazirX team is actively investigating the incident and will be sharing updates as the situation unfolds,” an X post on the official exchange reads.

See Also: BlockFi to Begin Short-Term Distribution via Coinbase in July

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