WazirX, a prominent Indian crypto exchange, has fallen victim to a massive hack. The breach involved its Safe Multisig wallet on Ethereum. Funds were moved and converted to Ether. On July 18, Cyvers Alert announced on X that the Web3 security firm had detected multiple suspicious transactions involving WazirX’s Safe Multisig wallet.

The compromised wallet lost approximately $234.9 million. The funds were transferred to a new address. Each transaction was funded by Tornado Cash, a decentralized protocol known for private transactions. The new address has already swapped funds, including Tether (USDT), Pepe, and Gala (GALA), into Ether. Over $210 million still needs to be offloaded.

According to a post in the “Investigations by ZachXBT” Telegram channel, crypto investigator ZachXBT noted that the suspected attacker’s address still has over $104 million left to dump. An analysis of the address holdings revealed around $100 million in Shiba Inu (SHIB), $52 million in ETH, and $11 million in Polygon (MATIC). The wallet also contains $4.7 million in FLOKI, $3.2 million in Fantom, $2.8 million in Chainlink, $2.3 million in Fetch.ai (FET), and the rest in various other tokens.

In response to the security breach, WazirX has temporarily suspended the withdrawal of cryptocurrencies and INR on its platform. The official exchange’s post on X explained that they are actively investigating the incident. The team will post updates as the situation unfolds.

This hack highlights the ongoing challenges faced by crypto exchanges in securing their assets. Investors and users are advised to stay vigilant and await further updates from WazirX.