India’s crypto exchange has been the victim of a $235 million hack.
Security firm Web3 has discovered “several suspicious transactions” involving the WazirX Safe Multisig Wallet on Ethereum.
According to an X post, it is believed that $234.9 million of funds in the Indian crypto exchange Safe Multisig wallet have been moved to a new address, with each transaction caller backed by Tornado Cash, a decentralized protocol for private transactions.
The address was converted to Ether (ETH), the cryptocurrency consisting of Tether (USDT), Pepe (PEPE) and Gala (GALA).
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More than $210 million left to unload.
According to a Telegram post on the “ZachXBT” channel, crypto sleuth ZachXBT has announced that the address of the suspected original attacker still has more than $104 million to drop.
The wallet mainly consisted of about $100 million in Shiba Inu (SHIB), $52 million in ETH, and $11 million in Polygon (MATIC).
Also $4.7 million in FLOKI, $3.2 million in Fantom (FTM), $2.8 million in Chainlink (LINK), $2.3 million in Fetch.ai (FET), and the rest of the funds split between various other tokens.
Related: OKX suspends services in India, asks users to withdraw funds by April 30
WazirX has stopped extracting
In response to the security breach, the Indian currency has temporarily stopped issuing cryptocurrencies and Indian rupees on its platform.
In a post on the official exchange, the WazirX team said they are “actively investigating the incident” and will post updates as the situation unfolds.
Cointelegraph contacted WazirX to comment on the security of user funds and steps to be taken to recover stolen crypto assets. However, the group responded that it was “not possible at this time.”
Related: Binance has cut ties with Indian crypto exchange WazirX
India has been a difficult domain for crypto.
In the year On March 21, the Financial Intelligence Unit (FIU) of the Indian Finance Ministry issued compliance notices to several foreign crypto exchanges, including OKX.
The notice sent to OKX users in India has asked them to close their accounts before April 30 and refund their money.
Despite four years of discussions by the Indian government, the regulatory framework for the crypto market in India remains uncertain.
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