Indian Crypto Exchange WazirX Stops Trading
Cryptocurrency exchange WazirX has temporarily stopped all trading activity on its platform following a security breach that resulted in the loss of $230 million on July 18.
According to WazirX, the unauthorized access to their private key led to the theft of assets, affecting their ability to maintain a 1:1 collateral with assets. As a result, the exchange has paused trading to conduct a thorough investigation and security audit.
It is believed that the hacker, potentially linked to the North Korean state-sponsored Lazarus Group, has converted the stolen assets into ether.
WazirX has assured users that their safety remains their top priority and are working to enable withdrawals as soon as possible.
Along with this, the exchange has also announced a bounty program for experts in cybersecurity and blockchain to assist in tracking and retrieving the stolen funds and ensuring the integrity of the crypto ecosystem.
