As a long-term crypto investor with several years of experience in this volatile market, I have seen my fair share of hacks and breaches in the industry. But the recent WazirX security incident has left me feeling uneasy, to say the least.
As a researcher, I’ve uncovered some concerning news in the cryptocurrency realm. Within the past week, WazirX, India’s leading crypto exchange, suffered a significant security breach. Hackers exploited transactions and managed to make off with approximately a quarter of a billion dollars’ worth of digital assets. This alarming event has sent ripples of anxiety through the community, as the stolen funds have been actively converted into Ethereum (ETH). The resulting sell pressure on the affected tokens is substantial.
Notable deals included the removal of approximately 5.4 trillion Shiba Inu tokens, worth around $102.13 million. This substantial SHIB disposal led to a nearly 8% drop in the token’s price at one instance.
Recently, Spot On Chain announced that the hacker behind the WazirX exploit transferred 16,345 Ether, valued at approximately $56.88 million, to two separate wallets identified as “0x58d” and “0x668.” The hacker continues to possess around 43,962 Ether, equivalent to roughly $153 million, in different wallets.
Moreover, the exploiter continues to sell assets like CTSI, PUSH, REEF and REN for more ETH.
Simultaneously, WazirX is diligently working to resolve the security issue and retrieve the misappropriated funds. This incident has drawn the attention of numerous on-chain detectives and experts, who are working to trace the culprit behind the breach.
To encourage helping hands, WazirX proposes a reward of up to $23 million for individuals who contribute to the recovery of stolen assets. The platform invites white hat hackers, blockchain sleuths, and cybersecurity specialists from globally to participate in this bounty hunt.
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2024-07-22 17:51