WazirX’s Safe Multisig wallet on Ethereum was compromised, resulting in the transfer of funds and their conversion to Ether.
Cyvers, a security firm that specializes in Web3 technology, has identified “many dubious transactions” that pertain to WazirX’s Safe Multisig wallet on Ethereum.
According to the X post, it is suspected that $234.9 million of funds in the Safe Multisig wallet of the Indian crypto exchange have been transferred to a new address. Tornado Cash, the decentralized protocol for private transactions, is funding each transaction’s recipient.
ZachXBT, a crypto detective, has announced in a Telegram post in the “Investigations by ZachXBT” channel that the suspected primary perpetrator address still has over $104 million to unload.
“Upon examining the address holdings, we determined that the wallet was primarily comprised of approximately $100 million Shiba Inu.”
Additionally, it held $4.7 million FLOKI, $3.2 million Fantom, and $2.3 million Fetch.ai (FET), with the remaining funds being distributed among a diverse array of other tokens.
The Indian exchange has temporarily suspended the withdrawal of cryptocurrencies and INR from the platform in response to the security breach.
According to an X post on the official exchange, the WazirX team is “actively investigating the incident” and will provide updates as the situation develops.
Also Read: BlockFi to Start Short-Term Distribution using Coinbase in July
Wallets