WazirX is an indian exchange which allows trading for different cryptocurrency coins. Its the largest crypto exchange in india. Few hours ago WazirX is hacked for $235 million. The hacker has strated to sell the assets via tornado cash.
According to Lookonchain which is a crypto wallet tracking company, WazirX exchange was hacked for $235 million. This includes multiple crypto coins including SHIB , Matic , USDT , ETH , PEPE and GALA. Among the stolen assets SHIB is the largest bag with 5.43T SHIB . The hacker has sold all the SHIB for $92 million.
Wintermute which is a Market maker has bought $SHIB from dexes and deposit them on CEX to sell for the profit. Wintemute has taken advantage of the situation by arbitrage trading. However the sell from the hacker didnt effected $SHIB price that much. However $SHIB price is down by 10% which is due to tye market condition as whole market is down due to bitcoin price decrease.
Its more that 8 hours since the WazirX exchange is exploited , however the team has not spoken much about it , there is only one statement came in which the team said that they know about the hack and are investigating it.
The deposit and withdrawals for INR and cryptocurrency has been stopped by the team. The users having funds on the exchange are worried as they dont know what is going to happen next. The hacked funds represent a big part of the exchange holding user funds.
Some users were seems criticizing WazirX team on X platform for stopping withdrawals as they think that its useless now to do so. However the users are awaiting some updates from the Wazirx team in hope to get compensation.
This is the second exploit in this week , two days ago LiFi protocol was exploited for $10 million and today it is wazirX exchange exploited for $235 million. WazirX exploit is bigger than the LiFi but in both cases i dont think that its easy to recover funds. Because in the past there have been no positive outcomes in this regard.
There are some cases in which owners engaged with the hacker and set bounty to get back rest of the funds which worked well. It would be good if the Wazirx team engage with hacker and demands back funds otherwise they are good to engage with law enforcement agencies.
Now It would be interesting to see that what steps Wazirx takes for the recovery of funds. However its gonna take some time as these situations are not easy to handle. Its known that Funds withdrawn via tornado are difficult to track as its done in parts. It can be partially true , i think its possible to track these funds with the help of blockchain experts.
Well such exploits are not good as they represent bad picture of cryptocurrency world. The bad actors must be punished as they are not good for the crypto future.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
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@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.