Indian cryptocurrency exchange WazirX has suffered a security breach, resulting in $234.9 million in assets transferred from its Safe Multisig wallet on Ethereum to a new address.
Web3 security firm Cyvers reported that the funds were moved through multiple transactions, with their callers all funded by crypto mixer Tornado Cash.
The new address has already converted the assets, which included Pepe (PEPE), Gala (GALA), and Tether (USDT), into Ether (ETH).
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Crypto investigator ZachXBT identified the suspected theft address in a Telegram post. At the time of writing, this address holds approximately $52 million in ETH, $80 million in Shiba Inu (SHIB), and $1.6 million in Polygon (MATIC), among other tokens.
In response to the breach, WazirX has temporarily halted withdrawals of Indian rupees and cryptocurrencies on its platform and announced that they are "actively investigating the incident."
The breach highlights the need for robust security measures to protect investors and ensure the integrity of the crypto market.
This comes against a backdrop of regulatory uncertainties in India's crypto industry. Earlier this year, India's Financial Intelligence Unit (FIU) issued compliance notices to several foreign crypto exchanges, including OKX, causing them to cease operations in the country.
