WazirX Faces Major Security Breach, Halts Withdrawals

By: Eva Baxter

Indian crypto exchange WazirX has announced a major security breach that forced it to pause both rupee and crypto withdrawals. The security compromise affected one of the exchange's multisig wallets, leading to $235 million in suspicious withdrawals, with a significant portion, approximately $100 million, being in SHIB tokens. The extent of the breach was confirmed by the exchange through a post on social media platform X.

The breach has raised serious concerns over the security measures employed by crypto exchanges. WazirX's quick action to halt withdrawals is seen as an immediate measure to protect user funds from further unauthorized access. Experts in the industry emphasize the importance of enhanced security protocols to secure digital assets, especially in light of increasing cyber-attacks targeting cryptocurrency platforms.

In addition to the $235 million that was moved, the incident has sparked discussions on the need for better regulatory frameworks and operational transparency to prevent such breaches in the future. Users are advised to stay updated with the latest announcements from WazirX and take necessary precautions such as enabling two-factor authentication and using secure wallets for their assets.

The exchange is currently working closely with cybersecurity experts and law enforcement agencies to investigate the breach and recover the lost funds. WazirX assures its users that protecting their assets remains its top priority during this ongoing situation. The incident serves as a stark reminder of the vulnerabilities in the burgeoning cryptocurrency industry and the need for robust security mechanisms.