Web3 security firm Cyvers has identified “multiple suspicious transactions” involving WazirX’s Safe Multisig wallet on Ethereum. According to a post on X, approximately $234.9 million from the Indian crypto exchange’s Safe Multisig wallet has been transferred to a new address. Each transaction was funded by Tornado Cash, a decentralized protocol known for its private transaction capabilities.
The new address has already swapped the shifted funds, including Tether (USDT), Pepe (PEPE), and Gala (GALA), into Ether (ETH).
Over $210 Million Still Left to Offload After WazirX Hack
According to a Telegram post in the “Investigations by ZachXBT” channel, crypto sleuth ZachXBT revealed that the suspected primary attacker address still has over $104 million to offload.
The wallet primarily consists of around $100 million in Shiba Inu (SHIB), $52 million in Ethereum (ETH), and $11 million in Polygon (MATIC).
It also holds $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 various other tokens.
WazirX Suspends Withdrawals After $235M Hack
In response to the security breach, the Indian exchange has temporarily halted the withdrawal of cryptocurrencies and Indian rupees on the platform.
In an official post on X, the WazirX team explained that they are “actively investigating the incident” and will provide updates as the situation develops.
Cointelegraph reached out to WazirX for comments on the safety of user funds and measures to recover the stolen assets. However, the team stated that a response was “not possible at this time.”
India Remains a Challenging Domain for Crypto
On March 21, the Financial Intelligence Unit (FIU) of India’s Ministry of Finance issued compliance notices to several foreign crypto exchanges, including OKX.
The notice directed OKX’s Indian users to close their accounts and withdraw funds by April 30, as the exchange announced it would cease services in India.
Despite nearly four years of discussions, India’s regulatory framework for the crypto market remains uncertain.
