WazirX has been hacked!

[pakhitheboss]

Found it on X.com sharing it here for the community. It happened on the Ethereum network and a total of $234.9M has been moved to a new address. If anyone here has stored ETH on the WazirX wallet please go and check it. As of now, WazirX has not come out with any statement about the hack.


https://x.com/Cointelegraph/status/1813837547887300828?t=XMlqE6Aw87eoIJ--I3xnxQ&s=19

It is now confirmed that the hack has occurred after WazirX issued a statement.

"We're aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident," the exchange confirmed in an X post. "To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused."

It is said that 45% of the exchange account holding has been hacked. I doubt they will be able to get those funds back.

[TheUltraElite]

This is bad news in the front of an already crumbling crypto sector in India. The hackers know that they can hit exchanges and come out with billions.

It would be interesting to see if the legal approach would take any effect on the existing pea-brained politicians about their approch to cryptocurrencies and the public outcry that will happen.

Never store coins on exchanges, something that I cant emphasize enough. Unfilled trades will get affected, you cant do anything about those in such cases.

[pakhitheboss]

This is bad news in the front of an already crumbling crypto sector in India. The hackers know that they can hit exchanges and come out with billions.

It would be interesting to see if the legal approach would take any effect on the existing pea-brained politicians about their approch to cryptocurrencies and the public outcry that will happen.

Never store coins on exchanges, something that I cant emphasize enough. Unfilled trades will get affected, you cant do anything about those in such cases.

Looks more like an internal job to me as thier multi signature wallet was hacked. They may come up with excuses and create a story around this hack but without internal assistant the hacker could not have done a cyber attack. The legal action can only be taken if the users who were affected by the attack raise an FIR. Till now I do not think an FIR has been raised either by the exchange or those affected users. It is imperative that exchange wallets should always be avoided to store coins. A personal wallet with backup and less access to the internet is always considered good practice.

[HootChain]

The Wizerx Multisag wallet was compromised due to a critical vulnerability in the wallet's private key management system, allowing unauthorized access and subsequent drainage of funds. The attack exploited a gap between the information presented to the signatories and the actual transaction being executed. Weak security measures was taken and their was discrepancy between the information displayed on Liminal's (the custody service provider) interface and the actual content of the transaction.

Hackers manipulated the information displayed on Liminal's interface to show incorrect transaction details. This misled the signatories into approving a malicious transaction that transferred funds to the attacker's wallet.

[laubeaud]

Found it on X.com sharing it here for the community. It happened on the Ethereum network and a total of $234.9M has been moved to a new address. If anyone here has stored ETH on the WazirX wallet please go and check it. As of now, WazirX has not come out with any statement about the hack.

https://www.talkimg.com/images/2024/07/18/4GtX8.jpeg
https://x.com/Cointelegraph/status/1813837547887300828?t=XMlqE6Aw87eoIJ--I3xnxQ&s=19

It is now confirmed that the hack has occurred after WazirX issued a statement.

"We're aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident," the exchange confirmed in an X post. "To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused."

It is said that 45% of the exchange account holding has been hacked. I doubt they will be able to get those funds back.

 I saw it on Twitter too. I am sorry for the affected users. WazirX has made a tweet about this. This is a security problem. There is one lesson to learn here: choose your trading exchange wisely. Check if they have a solid security system and a user protection fund. This is one of the reasons I do all my trades on Bitget. I cannot afford to lose my hard-earned money.

[TheUltraElite]

Some shill accounts have got no sense of morals, inserting their shill exchange names to be the best of them all while the topic is a grave one, with one of the biggest heists from a crypto exchange ever made by hackers.
Anyway, I dont see any evidence to pin it on internal affairs. Maybe or maybe not, we will never know for sure. Because if someone from WazirX did used their signature, it would be tracked back on them.

The crypto situation in India is poor, you have to agree that exchanges are having a hard time coping up - but will they resort to scamming their customers?
Someone needs to start an FIR, if not already done.

[pawanjain]

I got to know about this news today morning and I was wondering the same, I think it's an inside job.
Otherwise, how could it be possible to steal the funds from a multi-sig wallet.
After all, WazirX has been in the space for quite a long time now and a weak security from them is definitely not expected.

[Flexy.png]

is it joeover 😭?

[pakhitheboss]

I got to know about this news today morning and I was wondering the same, I think it's an inside job.
Otherwise, how could it be possible to steal the funds from a multi-sig wallet.
After all, WazirX has been in the space for quite a long time now and a weak security from them is definitely not expected.

That is the point it is not a new exchange that got robbed due to technical issue. There will be multi layer of security measures and firewalls in place to avoid such hacks. Above all it is a multi signature wallet and someone from the inside would be aware of any flaws in the system. As of now they have stopped all withdrawals but are still accepting fiat deposit.

[Bitcoin Smith]

Above all it is a multi signature wallet and someone from the inside would be aware of any flaws in the system. As of now they have stopped all withdrawals but are still accepting fiat deposit.

As of now they announced bounty for whoever can help identify/recover the stolen funds and also I read that they contacted many exchanges all around the world to stop the funds funneling via their platform along with registered compliant with FIU.

So far there is no proper inimation given to users about this hack I opened their app they seem to be coninuing as usual which is red flag and not being transparent backs up there's something definitely going on inside.

For now better not to use the exchange at all until they gets cleared with this thing.

[pakhitheboss]

As of now they announced bounty for whoever can help identify/recover the stolen funds and also I read that they contacted many exchanges all around the world to stop the funds funneling via their platform along with registered compliant with FIU.

I do not know how effective the bounty program will be but an investigation needs to be done. I am not aware if those who have lost their funds have contacted the local PS to raise a complaint. If they have not then nothing will happen and the exchange will come up with all sorts of excuses. The worst part of this issue is the exchange has halted all kinds of withdrawals but has not stopped accepting deposit.

[LalitM123]

Storing my funds on WazirX now feels like the worst decision I could have made. With the recent hack, I'm genuinely worried about the safety of my assets. Does anyone have any advice or updates on the situation? I’d really appreciate any information or recommendations on what to do next. Thanks

[pakhitheboss]

Storing my funds on WazirX now feels like the worst decision I could have made. With the recent hack, I'm genuinely worried about the safety of my assets. Does anyone have any advice or updates on the situation? I’d really appreciate any information or recommendations on what to do next. Thanks

Keep your funds in your personal wallet and always have a backup of your wallet. Never store funds on any exchange wallets because if things go wrong then you will lose funds. This is what has happened to those who used Wazix exchange wallets to store funds. They are not able to withdraw or trade from the exchange wallets because funds were stolen by the hacker.

[LalitM123]

Thanks for the advice. I’ll definitely look into moving my funds to a personal wallet and making sure I have a backup. It’s a tough lesson learned, but I appreciate the guidance. Hopefully, WazirX can resolve this issue soon, but I have my doubts. I had stored my funds there to withdraw for my monthly payments. With so many P2P scams, I felt like I had no other choice.

[pakhitheboss]

Thanks for the advice. I’ll definitely look into moving my funds to a personal wallet and making sure I have a backup. It’s a tough lesson learned, but I appreciate the guidance. Hopefully, WazirX can resolve this issue soon, but I have my doubts. I had stored my funds there to withdraw for my monthly payments. With so many P2P scams, I felt like I had no other choice.

Sorry about your loss it is indeed a tough lesson learnt. Always remember not your key, not your coin, and never believe in a CEX to keep your coins. They can always be hacked or a rogue employee and take your money and elope without any trace. India does not have any policy or law to safeguard those who are in the crypto business. It is a hard time now but slowly things might change for the community if by September of this year, a regulatory framework is put in place by the government.

[LalitM123]

It’s a hard lesson but definitely one I won’t forget. It’s really unfortunate that India doesn’t have any policies in place to protect crypto investors.

[pakhitheboss]

It’s a hard lesson but definitely one I won’t forget. It’s really unfortunate that India doesn’t have any policies in place to protect crypto investors.

The famous quote that comes to my mind in your scenario is that ,"The hardest lessons are often the most valuable". It is now evident  that you made a big mistake but your positive attitude shows that you have now learned and that now you are again ready to face the world.

[TheUltraElite]

It’s a hard lesson but definitely one I won’t forget. It’s really unfortunate that India doesn’t have any policies in place to protect crypto investors.

How do you expect the country to have a policy to protect a investor? This is not the stock market.

This is one place that is still the wild west and the government's stance on crypto is that "dont go into them, we dont like them". Hence you are on your own here and the same preventive measures we take on the international market, the global forum here, is applicable to them too.

This includes not using their hot wallets as a store for your coins.

[LalitM123]

I understand your point and I dont expect the government to protect crypto investors like they do in the stock market. However they push us to use local exchanges and impose a flat 30% tax on our gains yet offer no protection when things go wrong. It feels like we're left to navigate this wild west on our own. I appreciate your advice about not using hot wallets for storing coins. I have learned my lesson and Honestly I'm not expecting much progress on the WazirX hack

[GamerFlash]

Bruh don’t expect much to come out of this now its pretty much gone. I had funds in Cryptopia when it was hacked and theres still been no progress. Its all stuck in legal proceedings and they keep asking for every detail about your transactions including dates and so on. Proving that youre one of the investors is incredibly difficult. Only move your funds into these exchanges when you need to withdraw in local currency. Otherwise keep them in a secure personal wallet.