Here is Who Could be Behind the Recent WazirX Hack

Indian cryptocurrency exchange WazirX has reported a significant security breach and announced that it is currently investigating the incident, which has led to a temporary suspension of both Indian rupee (INR) and cryptocurrency withdrawals.

The exchange has communicated to its users that it is working to address the issue and will provide updates as the situation evolves. The suspension of withdrawals is a precautionary measure to safeguard user assets.

Crypto researcher ZachXBT has traced the breach back to an address linked to a known hacking group.

1/ So I began tracing the $230M+ WazirX hack back from the original exploiter address and was able to make some interesting observations. https://t.co/gLHu05sXWZ pic.twitter.com/eFRNdLtACB

— ZachXBT (@zachxbt) July 18, 2024

By analyzing token transfers through various Ethereum addresses and mixers, he suspects that the Lazarus Group, a notorious North Korean hacking collective, might be involved in the attack.

ZachXBT has also identified a KYC-verified deposit address associated with the exploit, though he notes that such accounts can be easily acquired on the black market, which may complicate the investigation.

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Arkham Intelligence has confirmed that ZachXBT’s findings, including the identification of the KYC-linked address, meet the criteria for their bounty. This information will be shared with WazirX as part of their ongoing investigation into the breach.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.