Indian crypto exchange WazirX saw over $230 million in withdrawals in early European hours on Thursday as a security breach affected one of its wallets, causing the loss of user funds.
“We’re aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident,” the exchange confirmed in an X post. “To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused.”
The stolen funds account for over 45% of the exchange’s $500 million holdings, which it disclosed in a June report.
The Indian exchange’s live proof of reserve site was down for maintenance as of the time of writing.
Multisig wallets are a type of crypto wallet that requires two or more private keys to authenticate and confirm transactions before they are processed.
Early blockchain data tracked by Lookonchain shows over $100 million worth of shiba inu (SHIB) tokens were withdrawn, the most among lost funds, followed by $52 million in ether (ETH), $11 million in Matic’s MATIC, and $6 million in pepe (PEPE).
