WazirX India Loses $235M in Real-Time Phishing Hack

The WazirX India hack, one of the top 10 crypto heists, saw $235 million stolen in real-time due to a phishing attack on a multi-signature wallet. Cyvers' SOC team detected the breach, exposing weaknesses in the multi-signature setup that allowed hackers to compromise 4 out of 6 required signatures. The WazirX team, responding to the incident, is still investigating and exploring ways to enhance security measures in the crypto space.

The Indian cryptocurrency exchange WazirX suffered a significant setback recently, with hackers making off with an estimated $235 million in cryptocurrency assets [1]. This security breach, which ranks among the top 10 crypto heists in history, was the result of a sophisticated phishing attack on a multi-signature wallet.

According to reports, the attackers exploited a vulnerability in the multi-signature setup, allowing them to compromise 4 out of the 6 required signatures [1]. This breach was first detected by Cyvers' SOC (Security Operations Center) team, who alerted the WazirX team to the issue.

The WazirX team is still investigating the incident and exploring ways to enhance security measures in the crypto space [1]. Meanwhile, Liminal, one of the six signatories on the compromised wallet, has released a statement acknowledging that one of the self-custody multi-sig smart contract wallets created outside of their ecosystem has been compromised [1].

Liminal also emphasized that all WazirX wallets created on their platform remain secure and protected [1]. However, the malicious transactions to the attacker's addresses have all occurred from outside of the Liminal platform [1].

Blockchain analytics firm Elliptic has suggested that the attack bears the hallmarks of North Korean threat actors [1]. These cybercriminals have a history of targeting the cryptocurrency sector to bypass international sanctions [1]. Earlier this year, the United Nations estimated that nation-state actors had stolen $3 billion in illegal revenues through 58 suspected intrusions between 2017 and 2023 [1].

As the investigation into the WazirX hack continues, the cryptocurrency community remains on high alert, with concerns growing about the security of exchanges and the need for greater regulation in the industry.

References:
[1] The Hacker News. (2024, July 17). WazirX cryptocurrency exchange loses over $230 million in cyber attack. https://thehackernews.com/2024/07/wazirx-cryptocurrency-exchange-loses.html