Crypto exchange WazirX was hit hard on Thursday, losing $235 million to hackers. The exchange is taking immediate action to recover the stolen funds and protect its users.
WazirX Fights Back
WazirX has filed a police complaint and is working with law enforcement to track down the perpetrators. They’ve also contacted over 500 other crypto exchanges to block the addresses associated with the hack.
The stolen funds include various cryptocurrencies like SHIB, ETH, MATIC, and PEPE. WazirX is working with other exchanges to recover these assets and help affected users.
The Vulnerability: A Multisig Wallet Mishap
The attack targeted a multisig wallet, which WazirX had been using since February 2023. This wallet required multiple signatures for transactions, but a discrepancy between the information displayed on the wallet interface and the actual transaction allowed the hackers to gain control.
WazirX has identified two additional smart contracts that were exploited and is investigating the incident thoroughly.
Protecting User Funds
WazirX has set up a website where users can revoke all approvals to their accounts. The exchange emphasizes that user funds remain at risk until they take this step.
The Aftermath
The crypto market has been recovering after a recent dip, but the WazirX hack has shaken things up. SHIB, which took a hit after the exploit, has shown signs of recovery.
