Major Security Breach at WazirX: Hackers Steal $230 Million in Cryptocurrency

The recent security breach at India’s leading cryptocurrency exchange, WazirX, has sent shockwaves through the digital asset community. Hackers managed to steal over 5 trillion Shiba Inu (SHIB) tokens, along with a significant amount of other cryptocurrencies, totaling approximately $230 million.

The breach was first identified by blockchain analytics firm Lookonchain, which traced the stolen funds to an unknown wallet address. The hackers targeted a wide range of digital assets, including Ethereum, Polygon, Pepe, Tether, and Gala, in addition to the massive amount of SHIB tokens.

Following the theft, the hackers have begun liquidating the stolen assets, with an estimated $152.24 million already sold. The remaining SHIB tokens are at risk of being converted into Ethereum, further complicating the situation for WazirX and the broader cryptocurrency market.

The repercussions of this cyberattack have been felt beyond the immediate financial loss, with the price of Shiba Inu plummeting by over 9% within 24 hours. This incident serves as a stark reminder of the ongoing challenges faced by exchanges in protecting user funds and combating cyber threats in the crypto market.

As investigations into the breach continue, the cryptocurrency industry remains on high alert, emphasizing the importance of robust security measures and vigilance in safeguarding digital assets. The theft of such a substantial amount of cryptocurrencies underscores the need for enhanced security protocols and proactive measures to prevent future breaches.