{"id":25581,"date":"2024-07-22T21:00:06","date_gmt":"2024-07-22T18:00:06","guid":{"rendered":"https:\/\/coinengineer.io\/?p=25581"},"modified":"2024-07-22T12:15:41","modified_gmt":"2024-07-22T09:15:41","slug":"wazirx-freezes-trading-following-major-hack","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/wazirx-freezes-trading-following-major-hack\/","title":{"rendered":"WazirX Freezes Trading Following Major Hack"},"content":{"rendered":"<p>Dealing with the aftermath of a recent hack, which saw $230 million taken from its wallet due to a private key compromise on July 18, <strong>WazirX<\/strong>, a cryptocurrency exchange, has stopped trading throughout its platform.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/wazirx-freezes-trading-following-major-hack\/#Impact_on_Collaterals_and_User_Safety\" title=\"Impact on Collaterals and User Safety\">Impact on Collaterals and User Safety<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/wazirx-freezes-trading-following-major-hack\/#Bounty_Program_and_ZachXBTs_Involvement\" title=\"Bounty Program and ZachXBT&#8217;s Involvement\">Bounty Program and ZachXBT&#8217;s Involvement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/wazirx-freezes-trading-following-major-hack\/#Rarity_of_Recoveries_from_Lazarus_Group\" title=\"Rarity of Recoveries from Lazarus Group\">Rarity of Recoveries from Lazarus Group<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Impact_on_Collaterals_and_User_Safety\"><\/span>Impact on Collaterals and User Safety<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>WazirX<\/strong> noted in an <a href=\"https:\/\/x.com\/WazirXIndia\/status\/1815051343989776566\">X news post<\/a>, <em>&#8220;The cyber attack theft has impacted our ability to maintain 1:1 collaterals with assets, and we have temporarily paused trading.&#8221;<\/em> At the moment, <strong>WazirX&#8217;s<\/strong> wallets had millions of MATIC tokens, PEPE tokens, USDT tokens, GALA tokens, and Shiba Inu tokens valued at almost $100 million. Since most of the stolen assets have been turned into ether, the hacker\u2014who evidence points to may be the North Korean state-sponsored Lazarus Group\u2014has gone silent.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bounty_Program_and_ZachXBTs_Involvement\"><\/span>Bounty Program and ZachXBT&#8217;s Involvement<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Inviting cybersecurity and blockchain professionals to <em>&#8220;join this critical mission and protect the integrity of the crypto ecosystem<\/em>,&#8221; <strong>WazirX<\/strong> also revealed the creation of a bounty program for help with locating, freezing, or returning the cash. Originally offering 5% of the recovered money as an incentive for helping with its complete return, the company then upped the prize to 10% based on comments from blockchain detective ZachXBT, per their post. For &#8220;<em>actionable intelligence that leads to the freezing of the funds<\/em>,&#8221; the corporation is also providing &#8220;<em>up to $10,000 worth of USDT.&#8221;<\/em> Though that period may change, the program will run for three months.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Rarity_of_Recoveries_from_Lazarus_Group\"><\/span>Rarity of Recoveries from Lazarus Group<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If it is actually Lazarus Group, then &#8220;<em>$10 million bounty means nothing since they are not going to merely hand over the money or be discovered and legally liable. 5% is less than the 10%+ industry average,&#8221;<\/em> ZachXBT noted. Writing, <em>&#8220;I do not have the resources to follow a potential Lazarus group hack like this 24\/7 as it requires many hours,&#8221;<\/em> ZachXBT also clarified, stating he himself would not be helping with the probe. Recoveries from hacks involving the Lazarus Group are remarkably rare, as ZachXBT observed. Chainalysis highlighted that it was the first time money connected to North Korea&#8217;s hacking outfit had been captured when $30 million was recovered in September 2022 from the infamous Lazarus outfit-linked $600 million hack of the Axie Infinity Ronin Bridge. Though not all hope is lost for <strong>WazirX<\/strong>, &#8220;<em>We\u2019re confident it won&#8217;t be the last<\/em>,&#8221; Erin Plante, senior director of investigations at Chainalysis, stated at the time.<\/p>\n<p>&nbsp;<\/p>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a>\u00a0and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dealing with the aftermath of a recent hack, which saw $230 million taken from its wallet due to a private key compromise on July 18, WazirX, a cryptocurrency exchange, has stopped trading throughout its platform. Impact on Collaterals and User Safety WazirX noted in an X news post, &#8220;The cyber attack theft has impacted our<\/p>\n","protected":false},"author":6,"featured_media":25591,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[5913,7464],"class_list":["post-25581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-lazarus-group","tag-wazirx"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>WazirX Freezes Trading Following Major Hack - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/wazirx-freezes-trading-following-major-hack\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WazirX Freezes Trading Following Major Hack - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Dealing with the aftermath of a recent hack, which saw $230 million taken from its wallet due to a private key compromise on July 18, WazirX, a cryptocurrency exchange, has stopped trading throughout its platform. 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