WazirX Confirms Multi-Sig Wallet Incident, Withdrawals Temporarily Halted

IconCryptoNewsTerminal Staff18 Jul, 2024

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WazirX Confirms Multi-Sig Wallet Incident, Withdrawals Temporarily Halted

WazirX, a popular Indian cryptocurrency exchange, has recently confirmed a security incident involving one of its multi-signature wallets. As a precautionary measure to protect user assets, the exchange has temporarily suspended withdrawals in both Indian rupees (INR) and cryptocurrency. This announcement follows reports that WazirX had lost approximately $230 million in a hacking incident. The exchange has not yet disclosed the exact nature of the security breach, but it has assured users that it is working diligently to address the issue and restore normal operations as soon as possible. It is important to note that WazirX has a history of security vulnerabilities, and users are advised to exercise caution when storing their funds on the platform. In the meantime, the exchange has recommended that users transfer their assets to more secure wallets for added protection.

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