- Hackers stole 5.43 trillion SHIB worth $102.1 million from WazirX, part of a $230 million crypto heist.
- WazirX paused withdrawals after hackers transferred multiple cryptocurrencies to an unknown address.
- Ongoing regulatory uncertainty in India complicates security measures for crypto exchanges like WazirX.
In a major security breach, India’s largest crypto exchange, WazirX, has fallen victim to the latest crypto hack. Hackers have stolen over $230 million worth of digital assets, including 5 trillion Shiba Inu (SHIB) tokens. The incident has raised concerns about the security of cryptocurrency exchanges in India.
Hackers Transfer Assets to Unknown Wallet
According to Lookonchain, a blockchain analytic platform, multiple crypto assets were transferred from WazirX to an unknown address, identified as 0x04b…91a88. The value of the stolen assets is estimated to be around $230 million. Out of the total assets stolen, Shiba Inu tokens represent the largest portion, with 5.43 trillion SHIB, worth approximately $102.1 million at the time.
In addition to SHIB, the hackers also took over 17 different cryptocurrencies, including 15,298 ETH, 20.5 million MATIC, 240.27 billion PEPE, 5.79 million USDT, and 135.11 million GALA. Reports suggest that the hackers are currently dumping these assets.
Hackers Begin Selling Stolen Assets
Recent updates indicate that the hackers have started selling the stolen Shiba Inu tokens. The current value of the hacker’s address stands at $77.73 million, implying they have already sold $152.24 million worth of assets.
Etherscan data shows multiple transactions involving the stolen SHIB, including one where nearly 1 trillion SHIB, worth $17.5 million, was moved to another address labelled WazirX Exploiter 2.
CryptoQuant, an on-chain data analytics provider, mentioned that the stolen SHIB tokens could be sold for Ethereum at any time. In response to the breach, WazirX has temporarily paused the withdrawal of cryptocurrencies and Indian rupees on its platform.
In an official X post, WazirX stated they are “actively investigating the incident” and will provide updates as the situation evolves. This security breach has occurred amidst ongoing regulatory uncertainty in India regarding the crypto market.
Regulatory Actions and Compliance Notices
On March 21, the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance issued compliance notices to multiple foreign crypto exchanges, including OKX. The notice required Indian OKX users to close their accounts and redeem funds before April 30, as the exchange ceased services in India.
Despite ongoing discussions for almost four years, the Indian government has yet to establish a clear regulatory framework for the crypto market. This lack of regulation contributes to the challenges faced by exchanges like WazirX in ensuring the security of their platforms.
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