Mumbai-based crypto exchange WazirX Halts has suspended withdrawals from its platform following a significant hacking attack. The largest cryptocurrency exchange in India confirmed the incident in a statement on X, formerly known as Twitter. The hacking led to a suspension of withdrawals early on Thursday, July 18, during European trading hours.
WazirX, Halts which brands itself as “India Ka Bitcoin Exchange,” primarily caters to the Indian market and is among the few platforms recognized by the Financial Intelligence Unit. The exchange announced that it had suffered a major security breach, forcing it to halt all withdrawal activities to prevent further losses.
The company took to X to inform its users about the breach and assured them that their team was working diligently to resolve the issue. “We regret to inform our users that WazirX has experienced a major hacking attack. As a precautionary measure, we have temporarily suspended withdrawals on our platform. Our team is investigating the incident and will provide updates as soon as possible,” the statement read.
WazirX’s swift response to the hack highlights the growing cybersecurity challenges faced by cryptocurrency exchanges worldwide. As one of the leading exchanges in India, WazirX’s user base is vast, and the platform plays a crucial role in the Indian crypto market.
WazirX Halts Third-Party Blockchain Explorer Reports Significant Losses
According to Lookchain, a third-party blockchain explorer, the platform has lost approximately $230 million due to the hack. Lookchain reported unusual activity and significant fund transfers from WazirX’s wallets, prompting the exchange to take immediate action.
The report from Lookchain has raised concerns about the security measures in place at major cryptocurrency exchanges. As digital currencies become more mainstream, the need for robust cybersecurity protocols has never been more critical.
WazirX Halts is not alone in facing such challenges. Other leading Indian crypto exchanges, including CoinSwitch and CoinDCX, have also been under scrutiny for their security practices. The recent hack underscores the importance of continuous monitoring and updating of security systems to protect user funds and maintain trust in the market.
The exchange’s team is currently working with cybersecurity experts and law enforcement agencies to investigate the breach and recover the lost funds. WazirX Halts has assured its users that it will provide regular updates on the progress of the investigation and any steps taken to enhance the platform’s security.
In the wake of this incident, users are advised to remain vigilant and monitor their accounts for any suspicious activity. The exchange has also recommended enabling two-factor authentication (2FA) and following best security practices to safeguard their assets.
In conclusion, the hacking attack on WazirX highlights the vulnerabilities in the cryptocurrency market and the urgent need for enhanced security measures. As India’s largest crypto exchange navigates this crisis, it serves as a reminder of the importance of cybersecurity in the digital age. The incident has also sparked discussions on the need for regulatory frameworks to ensure the safety and security of digital assets for investors worldwide.
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