WazirX Puts Crypto Trading Services On Hold After Hack, Promises To Restore Customer Assets

In a sudden and alarming development within the Indian cryptocurrency market, WazirX, the nation's largest digital asset exchange has temporarily suspended its trading services following a recent hack incident faced by the platform in the prior week.

India's largest digital asset exchange WazirX has paused its crypto trading services following a recent hack incident on the platform.

The incident, which took place last week, saw hackers targeting one of WazirX's multi-sig wallets and making away with millions of dollars in digital assets.

According to data from on-chain tracker Cyvers Alerts, the stolen assets include over $235 million in various cryptocurrencies such as Shiba Inu, Ethereum, PEPE, and GALA, among others.

The exchange, which is crucial to the country's budding crypto industry, has taken swift action to halt its trading activities in response to the hack, which has sparked concerns over the safety of digital assets on the platform.

WazirX has stated that the cyberattack theft has impacted the platform's ability to maintain its 1:1 collaterals with assets, hence its trading services have been suspended to prevent further losses.

It's worth noting that the team had also suspended withdrawals last week after the platform was attacked in a bid to protect its user’s funds.

"Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused," the team stated.

However, the team has highlighted its efforts in conducting extensive forensic data examination and security audit procedures to quickly facilitate withdrawals, despite pausing trading services and withdrawals on the platform temporarily.

Meanwhile, the platform aims to restore customer assets, track down the embezzled funds, and carry out a deeper investigation into the cyberattack.

As part of its response, the crypto platform has filed a complaint with the police, reached out to over 500 exchanges to block the hacker's address, and announced a bounty program to retrieve the stolen assets.

The crypto trading suspension by WazirX comes as multiple users have complained about a scam email from impersonators, purporting to reimburse victims of their stolen funds via an airdrop scheme.

The scam email indicates that the criminals are still actively targeting WazirX users. The team has urged users to stay vigilant during this time, as the criminals may devise other methods to target users while the platform aggressively tracks and deals with these fraudulent operations.

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