WazirX Hack: Leakage of Exchange Multisig Manager's Private Key Predicted

IconCryptoNewsTerminal Staff18 Jul, 2024

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WazirX Hack: Leakage of Exchange Multisig Manager's Private Key Predicted

WazirX Hack: Multisig Manager's Private Key Leakage Suspected Blockchain security firm Beosin has analyzed the recent WazirX hack and concluded that the incident likely occurred due to the exposure of the exchange's multisig wallet manager's private key. Beosin's analysis suggests that the attackers may have obtained the private key signing data and exploited it to replace the wallet's logic contract with a malicious contract, enabling them to steal the cryptocurrencies. Circumstances leading to Beosin's conclusion include: 1. The attacker deployed a new contract to withdraw specific tokens from the wallet. 2. The attacker replaced the wallet's logic contract with the malicious contract using the signing data. 3. The attacker submitted a withdrawal transaction to the multisig wallet and stole the cryptocurrencies through the malicious contract. This incident highlights the critical importance of securing multisig wallet private keys and implementing robust security measures to prevent such attacks.

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