India’s largest cryptocurrency exchange WazirX launches bug bounty program “to help recover the stolen funds” as cybercriminals stole $234.9 million worth of crypto last week. Learn more about the hack, how it raises concerns about exchange security and the potential impact on the Indian crypto market.
(adsbygoogle = window.adsbygoogle || []).push({}); In a major blow to the Indian cryptocurrency landscape, Binance-owned WazirX, the country’s biggest crypto exchange, suffered a cyberattack resulting in the theft of over $230 million worth of investor funds, representing nearly half of its estimated reserves.
Experts suspect the notorious Lazarus Group, allegedly backed by North Korea, may be behind the attack. The group is known for targeting crypto exchanges and rarely returns stolen funds. The stolen cryptocurrencies include ETH ($52.
5 million), USDT ($5.79 million), PEPE ($7.6 million), GALA ($3.
5 million), MATIC ($11.24 million), and SHIB ($102 million). This caused a 25% drop in the price of the platform’s native token WRX.
The attack, first reported by Web3 security firm Cyvers Alert, and later confirmed by WazirX on 18 July, targeted a single multi-sig wallet on the Ethereum network. Multi-sig is a crypto storage solution requiring multiple signatures for withdrawals. This wallet was operated via “Liminal’s digital asset custody and wallet infrastructure from February 2023,” and required approvals from six signatories, including five from WazirX and one.