Indian crypto exchange WazirX pauses trading after $230 million hack

Indian crypto exchange WazirX pauses trading after $230 million hack

WazirX, an Indian cryptocurrency exchange, has temporarily suspended all trading activities following a recent hack that resulted in the theft of approximately $230 million worth of digital assets. The exchange announced the suspension in a statement released on Tuesday, citing ongoing security concerns. “Due to the ongoing security concerns post the recent incident, we are temporarily pausing all deposits and withdrawals,” WazirX said in the statement. “We will resume operations as soon as possible and will keep you updated.” The hack, which occurred on August 5th, 2023, involved the theft of various cryptocurrencies, including Bitcoin, Ethereum, and Binance Coin. WazirX has launched an investigation into the incident and has been working with law enforcement agencies to track down the perpetrators. The exchange has also announced plans to introduce a bug bounty program to encourage the recovery of the stolen funds. WazirX has offered a reward of up to 10% of the recovered funds to individuals who provide information leading to the apprehension of the hackers or the recovery of the stolen assets. The hack has raised concerns about the security of cryptocurrency exchanges and the need for enhanced regulatory oversight. WazirX has assured its users that it is taking all necessary steps to strengthen its security measures and prevent future breaches.