WazirX Suffers Major Security Breach, Loses $230 Million in Crypto Assets

WazirX said that it faced a major security breach owing to which the crypto exchange temporarily stopped INR and crypto withdrawals.

Crypto exchange WazirX has temporarily halted INR and crypto withdrawals after it faced a major security breach where assets worth $230 million were moved from one of its multisig wallets without authorization.

The incident came to light on August 4 when third party blockchain analytics tool Lookonchain reported the suspicious transfer of assets from a multisig wallet belonging to WazirX. The stolen assets included $102 million of Shiba Inu, $52.5 million in Ethereum, $11.24 million in Matic, $7.6 million in Pepe coin, $135 million in Tether, and $3.5 million in Gala, according to the blockchain analytics firm.

Reacting to the development, CoinSwitch co-founder Ashish Singhal said that the funds of CoinSwitch users were secure and not affected by the WazirX incident.

“We want to assure our users that their funds on CoinSwitch are secure and unaffected by this incident. We advise all our crypto investors to be mindful of potential market volatility during this time and exercise caution in their trading and investment activities,” Singhal said in a statement.

CoinDCX co-founder Sumit Gupta also stated that the assets of CoinDCX users were not impacted by the WazirX breach.

“In light of the recent #WazirX breach, we want to reassure all CoinDCX users that your assets are safe and not impacted in any manner. Our wallet security remains robust,” Gupta said in a tweet.

Meanwhile, Mudrex CEO Edul Patel highlighted the regular audits and multi-layer codebase reviews conducted by the platform to prevent such exploits.

“We conduct regular audits to ensure a 1:1 ratio of funds. Additionally, our codebase goes through extensive scrutiny and review at many layers to ensure our tech infrastructure is immune to such exploits,” Patel said in a statement.

WazirX later confirmed the security breach in a post on X (formerly Twitter), stating that INR and crypto withdrawals would be temporarily paused to ensure the safety of assets.

“We're aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused. Thank you for your patience and understanding. We'll keep you posted with further updates,” the crypto exchange said in the post.

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