On July 18, 2024, WazirX, an Indiancryptocurrency exchange was hacked, leading to the loss of approximately $234.9 million (around Rs 2000 crore) in investor funds.[1] The exchange ceased to operate on 18 July 2024.[2]
On 18 July 2024, $234.9 million worth of crypto assets have been taken out of the exchange and sent to a new address by North Korean hackers belonging toLazarus Group.[3][4]
WazirX'smultisigwallet, controlled by five WazirX and one Liminal signature, required three WazirX and one Liminal signature to initiate transactions. Hackers created a fake WazirX account, deposited tokens, and began purchasing Gala (GALA) tokens. After draining thehot wallet, they accessed thecold wallet. When WazirX signatories accessed the multisig wallet, the hackers altered the smart contract controlling it. Once modified in their favor, the attackers gained full control, no longer needing WazirX's keys, and drained all the funds.[5] Before the attack, the crypto exchange stated in its June 2024 proof-of-reserves disclosure that it had about $500 million in digital assets.[6]
On 18 July 2024, the exchange suspended crypto trading.[7][8]
In January 2025, the Singapore High Court allowed Zettai PTE LTD, the parent company of WazirX to hold a meeting with creditors to vote on a proposed plan of recovery of lost assets.[9]
