$230 Million Hack Stuns India’s Largest Exchange: Shiba Inu (SHIB) and PEPE Among Affected

by

As a seasoned crypto investor with several years of experience under my belt, I can’t help but feel a pang of unease as I read about the recent security breach at WazirX, India’s largest cryptocurrency exchange. Having witnessed numerous market fluctuations and scams, I understand the importance of maintaining the security of digital assets and user funds.

WazirX, India’s leading cryptocurrency exchange, experienced a significant security incident according to Cyvers Alert. Suspicious transactions were identified on the ETH network involving WazirX’s Safe Multisig wallet, totaling approximately $234.9 million in funds being transferred to a new address. The entities responsible for these transactions are believed to have used Tornado Cash, a notorious crypto mixer service, to conceal their origins.

The suspect account has been vigorously exchanging different cryptocurrencies such as PEPE, GALA, USDT for Ethereum (ETH). Despite reaching out to WazirX for assistance, no communication has been received, increasing the suspicion that a malevolent entity has taken over the secure wallet.

As a seasoned financial analyst with years of experience in cryptocurrency markets, I’ve come across various transactions that raise eyebrows. The recent occurrence of massive SHIB transfers identified by Whale Alert is no exception. Among these colossal moves, one particular withdrawal of 5.4 trillion SHIB, equivalent to $102.13 million, piqued my interest. This transfer from WazirX to an unknown wallet was a significant event, underscoring the dynamic nature of this burgeoning market. Keeping abreast of such developments is crucial for staying informed and making well-informed decisions in the fast-paced world of crypto.

As an analyst, I’ve noticed that over $230 million worth of assets have been transferred from the WazirX wallet to the wallet with the address “0x04b2” atypically. Currently, this wallet is offloading these assets and has already disposed of approximately 640.27 billion PEPE tokens, equivalent to around $7.6 million.— Lookonchain (@lookonchain) July 18, 2024

As a researcher delving deeper into the data obtained from Lookonchain, I uncovered the following: The pilfered cryptocurrencies amount to a grand total of 5.43 trillion SHIB ($102 million), 15,298 ETH ($52.5 million), 20.5 million MATIC ($11.24 million), 640.27 billion PEPE ($7.6 million), 5.79 million USDT and 135 million GALA ($3.5 million).

Founded in 2018, WazirX stands out as a major cryptocurrency trading platform in India, catering to a diverse range of digital assets. With over 16 million users, it has established a substantial presence. However, recent security concerns following an alleged breach have cast doubts on the exchange’s protective measures and the security of users’ funds. The platform remains silent on the matter, leaving many in uncertainty.

Read More

2024-07-18 11:58