WazirX Details

    Organization Logo

    WazirX

    Mumbai, India • 100 employees • Technology

    https://wazirx.com/
    India

    Industry

    Technology

    Security Incidents

    1

    WazirX is a cryptocurrency exchange platform based in India, which allows users to buy, sell, and trade various cryptocurrencies including Bitcoin, Ethereum, Ripple, and Litecoin. The platform was founded in 2017 by Nischal Shetty, Sameer Mhatre, and Siddharth Menon with the aim of simplifying the process of investing in digital assets for Indian users. Over time, WazirX has expanded its offerings to include advanced trading features, an NFT marketplace, and the WazirX Token (WRX), which is utilized for trading fee discounts and other benefits on the platform.

    In November 2019, WazirX was acq...
    Show more

    Security Incidents

    WazirX Breach of Jul 2024
    Severity Score
    Significant to High

    Type

    Data Breach

    Summary

    On July 18, 2024, Indian cryptocurrency exchange WazirX faced a considerable security breach involving its Safe Multisig wallet on the Ethereum blockchain. Web3 security firm Cyvers Alerts first detected the breach, uncovering multiple suspicious transactions that transferred approximately $234.9 million worth of funds to a new address. The attackers used Tornado Cash, a decentralized protocol providing transactional anonymity, complicating the efforts to trace the stolen funds.

    In response, WazirX suspended withdrawals of both Indian Rupees (INR) and cryptocurrencies, ensuring the protection...
    Show more

    Severity

    The recent security breach at WazirX involved a sophisticated attack on their Safe Multisig wallet on the Ethereum blockchain, resulting in a substantial financial loss of around $230 million. The attackers cleverly bypassed the wallet's multiple approval mechanisms, managed to transfer the stolen funds to a new address, and laundered a portion through Tornado Cash. Notably, even though customer data remained uncompromised, nearly $100 million worth of digital assets are still in the attackers' possession, and over 43% of the stolen funds are deemed irrecoverable due to interface discrepancies...
    Show more

    Impact

    The recent security incident at WazirX involved a sophisticated breach of their Safe Multisig wallet on the Ethereum blockchain, resulting in a significant financial loss amounting to approximately $230 million. The attackers managed to circumvent the wallet's multiple approval mechanism, transferring the stolen funds to a new address and laundering part of them through Tornado Cash. This attack primarily focused on financial theft, with no customer data reported to be exposed.

    In response to the breach, WazirX temporarily suspended INR and cryptocurrency withdrawals to safeguard user funds a...
    Show more

    KEEP YOUR ENVIRONMENT SECURE

    Weak credentials are the leading cause of breaches. Beyond Identity can help.

    See MFA exploits in action
    Watch how adversaries exploit companies in quick videos