WazirX, an Indian cryptocurrency exchange, experienced a significant security breach on Thursday, resulting in over $230 million in withdrawals. This breach compromised one of its multisig wallets, resulting in a significant loss of user funds.
WazirX acknowledged the breach in a post on X (formerly Twitter), stating: “We are aware that one of our multisig wallets has suffered a security breach. Our team is actively looking into the incident. To ensure the safety of your assets, INR and cryptocurrency withdrawals will be temporarily suspended. Thank you for being patient and understanding. We’ll keep you posted on any further developments.
The exchange confirmed the incident, stating that it was investigating the outflows and temporarily suspending all withdrawals. They added: “We discovered two more exploited smart contracts. Our team is still investigating the incident. For now, we have set up a secluded website to revoke all approvals. “Your funds are at risk until you revoke.”
Liminal Custody, a Singapore-based digital asset custody and wallet infrastructure platform, has also issued a statement confirming that multi-sig smart contract wallets created outside of the Liminal ecosystem were impacted.
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