WazirX Faces Massive Hack: $235 Million in Cryptocurrency Stolen
- WazirX's Safe Multisig wallet had $234.9 million moved via suspicious transactions.
- Transactions used Tornado Cash to obscure origins, converting funds into Ether.
- Raises concerns about security in decentralized finance and the need for robust safeguards.
Biggest Indian Crypto Exchange WazirX Hacked: $235 Million Lost
On July 18th, Cyvers Alert, a Web3 security firm, reported something concerning about WazirX, an Ethereum wallet. They found that a large amount of money, $234.9 million, was moved from WazirX's Safe Multisig wallet to a new address. What's worrying is that the transactions were made using Tornado Cash, a tool that hides where money comes from.
Afterward, the money was changed into Ether, Ethereum's main currency, and went through other cryptocurrencies like Tether (USDT), Pepe (PEPE), and Gala (GALA). This whole process was likely done to make it hard to track where the money originally came from and where it ended up.
Cyvers Alert is known for finding these kinds of issues in Web3, which is a technology behind cryptocurrencies like Ethereum. This situation is making people talk about how secure these systems really are, especially when it comes to wallets that need multiple people to approve transactions.
WazirX, the company that owns the wallet, hasn't said anything official about what happened yet or how they are dealing with it. This event is making everyone think about how to make these systems safer and more transparent.
In the world of cryptocurrencies, where transactions are hard to trace, incidents like this show why it's important to have strong security and rules that everyone follows. People are watching closely to see what happens next and how it might change the way we use and protect digital money.
