WazirX loses $230 million to cyberattack

Cryptocurrency platform WazirX suffered a cyberattack, losing funds exceeding $230 million, the company said. 

“A cyberattack occurred in one of our multisig wallets involving a loss of funds exceeding $230 million. This wallet was operated utilizing the services of Liminal’s digital asset custody and wallet infrastructure from February 2023,” WazirX said in a post on X. 

WazirX, one of India’s leading crypto exchanges, allows members to buy, sell, and trade cryptocurrencies such as Bitcoin, Ethereum, Ripple, and many more.

The company said that the cyberattack stemmed from a discrepancy between the data displayed on Liminal’s interface and the transaction’s actual contents. 

“During the cyberattack, there was a mismatch between the information displayed on Liminal’s interface and what was actually signed. We suspect the payload was replaced to transfer wallet control to an attacker,” it said.

“Despite us taking all necessary steps to protect the customer assets, the cyberattackers appear to have possibly breached such security features, and the theft occurred,” the company added. 

The Economic Times reported that blockchain experts suspect the involvement of the North Korea-backed cybercriminal group Lazarus behind the attack. 

Lazarus, which has operated for more than 10 years, has been involved in some of the biggest cyberattacks such as the attack on Sony Pictures in 2014 and the spread of the WannaCry ransomware in 2017. The group does not engage in negotiations and works for financial benefits.

WazirX said it was leaving no stone unturned to locate and recover the lost funds.