Cryptocurrency Exchange Hack: Altcoins Stolen!

WazirX, a leading cryptocurrency exchange in India, suffered a major security breach on July 18, 2024. Attackers stole around $235 million in cryptocurrency by hijacking the platform’s Secure Multisig wallet on Ethereal blockchain. This incident has been recorded as one of the largest hacking attacks faced by cryptocurrency exchanges. Here are the details…

Shock hacker for cryptocurrency exchange

On July 18, 2024, WazirX, a leading Bitcoin and altcoin exchange in India, became the target of cyber attackers. The attackers stole $235 million in cryptocurrency by hijacking the platform’s Secure Multisig wallet on the Ethereum blockchain. This incident was recorded as one of the largest hacking attacks in the history of cryptocurrency and caused a major panic among Bitcoin and altcoin investors.

Web3 security firm Cyvers Alert first announced the incident on Twitter. According to Cybers Alert’s findings, “multiple suspicious transactions” occurred in WazirX’s wallet. The attackers collected approximately $234.9 million in cryptocurrencies from the wallet and transferred these assets to a new address. A significant portion of the stolen funds were cryptocurrencies such as Tether (USDT), Pepe (PEPE), and Gala (GALA). The attackers quickly converted these assets into Ethereum. This was intended to make it more difficult to trace and recover the stolen money.

WRX token price dropped

The security breach also led to a significant drop in the price of WazirX’s native token, WRX. Following the attack, WRX lost 10% of its value, falling to $0.22. WazirX has not released an official response to the hack and has not made any statements regarding the recovery of stolen funds or compensation plans for affected users. This situation has created anxiety and distrust among users of the platform.

This incident has once again shown how vulnerable cryptocurrency exchanges are to cyber attacks. Such an attack even on a large platform like WazirX could raise security concerns across the entire Bitcoin and altcoin industry. The investigation into the incident is ongoing and the identities of the attackers are not yet known. Authorities are trying to trace the stolen money and bring the attackers to justice. The WazirX hacking incident is an important warning to cryptocurrency investors. Investors need to take the necessary steps to store their assets safely and be careful about the platforms they will be trading on.

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