Fallout From WazirX’s $235M Exploit: Crypto Exchange Files Police Complaint
Release: 2024/07/20 20:00 Reading: 807
WazirX Responds to Massive Crypto Hack
After suffering a major cyberattack that cost investors approximately $235 million on Thursday, India-based cryptocurrency exchange WazirX has swiftly initiated measures to mitigate the damage and recover the stolen funds.
Legal Action Underway
WazirX has filed a police complaint and reported the incident to the Financial Intelligence Unit (FIU) and CERT-In, India's Computer Emergency Response Team. The exchange stated:
"In response to the cyber attack, we have filed a police complaint and are pursuing additional legal actions. We will keep the community updated as we proceed."
Collaboration and Recovery Efforts
The exchange has reached out to over 500 other crypto exchanges, requesting them to blacklist the addresses associated with the exploit.
Specifically, the following tokens were stolen:
- SHIB ($96 million)
- ETH ($52 million)
- MATIC ($11 million)
- PEPE ($7.6 million)
WazirX is actively coordinating with these exchanges to identify additional resources for recovering the stolen funds and assisting affected customers.
Investigation and Forensic Analysis
WazirX's immediate priorities include tracing the stolen assets, recovering customer funds, and conducting a thorough investigation into the cyber attack. The exchange is partnering with forensic experts and law enforcement agencies to identify and apprehend the perpetrators.
Additional Smart Contracts Exploited
WazirX has identified two additional smart contracts that were exploited during the incident and is diligently examining the circumstances.
Protecting User Funds
The exchange has established a secure website where customers can revoke all transaction approvals to safeguard their funds. However, WazirX emphasizes that users' funds remain at risk until they take this action.
Multisig Wallet Vulnerability
According to WazirX's report, the cyber attack targeted one of its multisig wallets, which had been using Liminal's digital asset custody and wallet infrastructure since February 2023. The wallet configuration involved six signatories, five from WazirX and one from Liminal, who were responsible for approving transactions.
The exchange believes that the breach resulted from a discrepancy between the information displayed on Liminal's interface and the actual transaction content. During the attack, the payload was manipulated to grant the attacker control of the wallet, allowing them to exploit the vulnerability.
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