Security News > 2024 > July > North Korea likely behind takedown of Indian crypto exchange WazirX

Indian crypto exchange WazirX has revealed it lost virtual assets valued at over $230 million after a cyber attack that has since been linked to North Korea.

According to a late Thursday WazirX Xeet, the attack targeted one of its multi-signature wallets - digi-cash lockers that are designed to offer superior security by requiring multiple private keys to authorize a transaction.

The hacked wallet had six signatories - five from WazirX team and one from Liminal.

Most transactions on the WazirX platform require approval from three of the company's signatories, plus final approval from Liminal's signatory.

After discovery of the event was made, WazirX halted all crypto withdrawals.

"Despite us taking all necessary steps to protect the customer assets, the cyber attackers appear to have possibly breached such security features, and the theft occurred," claimed WazirX. The exchange asserted it is "Leaving no stone unturned to locate and recover the funds."

News URL

https://go.theregister.com/feed/www.theregister.com/2024/07/19/wasirx_pauses_trade/