WazirX Crypto Exchange Reports $230M in Questionable Withdrawals, Mostly $100M in SHIB.

WazirX, an Indian crypto exchange, faced a security breach in a multisig wallet causing the loss of user funds and over $230 million in withdrawals.

The exchange acknowledged a security breach in a multisig wallet, revealing over $230 million in unauthorized withdrawals, leading to user fund losses. More than 45% of the exchange’s $500 million holdings were stolen. The exploit involved significant withdrawals in several cryptocurrencies like shiba inu (SHIB), ether (ETH), Matic (MATIC), and pepe (PEPE).

In the early hours of Thursday, WazirX admitted on their X handle that they saw over $230 million in withdrawal, causing loss of users’ funds.

“We’re aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident,” the exchange confirmed in an X post. “To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused.”

The attacker is liquidating the stolen assets on Uniswap, holding over $4.2 million in FLOKI tokens. Despite being a registered exchange in India, WazirX temporarily paused withdrawals to investigate the incident and safeguard user assets. Trading volumes in the past 24 hours totaled $2.2 million, with a focus on tether (USDT) and XRP.