Indian cryptocurrency exchange Wazirx has provided an update on the over $230 million security breach in its multisig wallet, which involved Liminal’s custody services. The exchange detailed the incident and ongoing recovery efforts, promising transparency and further updates. “We have already blocked a few deposits and reached out to concerned wallets for recovery,” the crypto platform stated.
Indian Crypto Exchange Wazirx Updates on Major Multisig Wallet Hack
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Wazirx Provides Update on $230 Million Security Breach
Indian cryptocurrency exchange Wazirx has provided an update on its security breach. In a post on social media platform X on Thursday, Wazirx explained:
A cyber attack occurred in one of our multisig wallets involving a loss of funds exceeding $230 million. This wallet was operated utilizing the services of Liminal’s digital asset custody and wallet infrastructure from February 2023.
The exchange detailed that the wallet required transaction approvals from three out of five Wazirx signatories and one from Liminal, with all signatories using Ledger Hardware Wallets for security. A whitelisting policy was also in place, managed by Liminal.
The breach involved a discrepancy between the data shown on Liminal’s interface and the actual transaction contents, suggesting that the payload had been replaced to transfer wallet control to the attacker. Despite implementing security measures such as the Gnosis Safe multisig smart contract platform and Liminal’s whitelisting policy, the attack succeeded.
Wazirx is actively working to recover the stolen funds, having already blocked some deposits and contacted relevant wallets. The company is committed to transparency and will provide further updates as the investigation progresses. The company said earlier on Thursday that INR and crypto withdrawals will be halted. The exchange disclosed that the affected Wazirx Wallet Address is 0x27fD43BABfbe83a81d14665b1a6fB8030A60C9b4. The exchange concluded:
We have already blocked a few deposits and reached out to concerned wallets for recovery.
What do you think about Wazirx’s efforts to address the security breach? Let us know in the comments section below.
