WazirX Hacked for $235 Million and North Korea Is Allegedly Behind It?

Bittime - WazirX, India's leading crypto exchange, suffered a massive $235 million hack, allegedly carried out by North Korean hackers. Over 200 assets are affected including ETH, MATIC, SHIB, and PEPE.

WazirX Hacked for $235 Million Allegedly by North Korea

A significant security breach occurred at WazirX, India's leading crypto asset exchange, resulting in the loss of $235 million in crypto assets, with suspicions that it was carried out by North Korean hackers.

More than 200 assets were involved in the breach, according to Elliptic Blockchain Analysis Company. This includes a large number of assets such as Ether (ETH) worth $52.6 million, Matic (MATIC) worth $11 million, Shiba Inu (SHIB) worth $96.7 million, and Pepe (PEPE) worth $7.6 million.

Cyvers Alert First Discovered Suspicious Transactions

On July 18, 2024, Cyvers Alert first discovered suspicious transactions involving the Safe Multisig WazirX wallet on the Ethereum blockchain. Transactions worth approximately $234.9 million were quickly moved to the new address. Each caller receives funds through Tornado Cash, a decentralized protocol for private transactions.

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Latest Report from Proof of Reserve Regarding WazirX

According to WazirX's latest Proof of Reserve report, total holdings are just over $502 million, indicating the significant impact this breach had on the exchange's financial stability. The sophisticated nature of the attack and the wide scope of assets compromised. Elliptic analysis pointed to North Korean hackers as the perpetrators behind the breach.

Conclusion

In the crypto world, the WazirX hack incident, which led to the loss of assets worth $235 million, has become a major concern. With more than 200 assets affected, this breach demonstrated the weakness of the exchange's security system. These include Ether (ETH), Matic (MATIC), Shiba Inu (SHIB), and Pepe (PEPE). According to an analysis conducted by Elliptic Blockchain Analysis Company, there is a high possibility that North Korean hackers were responsible for this attack.

Cyvers Alert's initial discovery of suspicious transactions indicates that monitoring and security of transactions on the blockchain must be improved immediately. 

According to WazirX's latest Proof of Reserve report, the exchange's holdings experienced a significant decline, which could potentially have a negative impact on the exchange's financial stability. This attack shows that stronger cybersecurity and better protection measures are needed for crypto exchanges to stop the incident.

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How To Buy Crypto With Bittime

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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

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