Key Takeaways:
- WazirX experienced a $235 million loss in a multisig wallet breach, with substantial thefts in Shiba Inu and Ether.
- The exchange suspended withdrawals and plans to reverse trades from July 18-21 to restore user balances.
- Discrepancies in data between Liminal and WazirX contributed to the breach.
WazirX, a leading Indian crypto exchange, suffered a $235 million loss in a multisig wallet breach in July 2024.
Following the hack, WazirX suspended withdrawals and announced plans to reverse trades from July 18 to July 21 to restore users’ balances to their pre-hack state.
📢 Important Update:
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 8, 2024
We are actively listening to your feedback and taking decisive action to address your concerns! After careful consideration of the situation and the feedback received from numerous users, we are constrained to restore the balances of all accounts and undo… pic.twitter.com/Bmp6GqvPfr
This decision aims to ensure fairness for users affected by the security breach.
All trades and related fees during this period will be invalidated, and account restoration will occur in the coming days, with notifications sent to impacted users.
The breach involved a multisig wallet requiring multiple signatures for transactions, with discrepancies arising between data on the digital custody platform Liminal and WazirX.
The hacker reportedly stole $100 million in Shiba Inu and $52 million in Ether, significantly impacting WazirX’s reserves.
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