India’s cryptocurrency exchange WazirX has been stunned by an attack that left it with almost $235 million loss in crypto assets.
More SHIB Siphoned In WazirX Attack
Popular scam detector Cyvers Alert spotted a major security breach on one of WazirX’s multisig wallets. The action led to the withdrawal of over $230 million in customers’ deposits. The stolen assets include $100 million worth of Shiba Inu (SHIB) tokens, $52 million in Ethereum (ETH), $11 million in Polygon’s MATIC, and $6 million in Pepe Coin (PEPE).
Unfortunately, this corresponds with about 45% of WazirX’s total $500 million holdings, which was revealed in a June report.
“We’re aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident,” the exchange admitted in an X post.
To curtail the situation and avoid a recurrence, INR and crypto withdrawals were temporarily disabled on the platform. Data from Etherscan shows that the scammer has begun to sell his loot leveraging the on-chain exchange Uniswap.
The ETH holding is still intact and the address holds over $4.2 million in FLOKI tokens.
Crypto Scams Become Prevalent
It is worth noting that the activity of scammers is fast becoming a daily occurrence. Most of the time, these bad actors leverage different strategies to cheat people out of their funds. Last month, the X account of American rapper 50 Cent was hacked, leaving him with a loss of $300 million. The hacker’s account put up a post promoting GUNIT tokens with a link to a fraudulent scheme.
Followers of the celebrity who clicked on the link got their funds siphoned in about 30 minutes.
Ledger Wallet once issued a critical warning to crypto enthusiasts about a trending scam style known as “address poisoning.” Cybercriminals craft addresses that closely resemble legitimate ones. Unsuspecting investors and users unknowingly end up sending their funds to these deceptive addresses.
Crypto traders and investors are advised to remain vigilant and avoid phishing links.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGEcrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
