India's WazirX suffers security breach; $235M worth of funds moved

Indian crypto exchange WazirX suffered a security breach on July 18 involving its Safe Multisig wallet on Ethereum, Report informs referring to The Economic Times.

"We're aware that one of our multisig wallets has experienced a security breach," WazirX said in a post on X (formerly Twitter). "Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused."

As per Web3 security firm Cyvers, "multiple suspicious transactions" were detected involving WazirX’s Safe Multisig wallet on Ethereum.

According to their post on X, it is believed that $234.9 million of funds in the Safe Multisig wallet were moved to a new address, with each transaction’s caller funded by Tornado Cash, a fully decentralized protocol for private transactions on Ethereum.

"The suspicious address has already swapped $PEPE (Pepe), $GALA (Gala), and $USDT (Tether) to $ETH (Ether) and continues to swap other digital assets," Cyvers claimed.