**Mumbai, India** – After significant undertaking security breach that cost them $235 million, the Indian cryptocurrency exchange WazirX has stopped all trading, deposits, and withdrawals. In a post on X (formerly Twitter) on July 22, the exchange said that services would be shut down to protect users from scams involving people claiming to be WazirX.
WazirX hasn’t said when services will be back up and running, but it has told users that it is “actively monitoring and addressing these fraudulent activities.” To protect their funds, the exchange told customers to check the identities of emails they receive and not click on links that look sketchy.
WazirX Stops Trading Early
The problem happened because WazirX decided to stop trade earlier than planned. The exchange said that the hacker attack made it impossible for them to keep 1:1 security with assets, which had a major effect on their business.
On July 18, the accused North Korean hacking group Lazarus Group took advantage of on-chain weaknesses and caused WazirX to lose a lot of funds. The attackers took multiple tokens by messing with the exchange’s multisig wallet signatures.
Nischal Shetty, co-founder of cryptocurrency exchange , announced a bounty scheme to try to get back or freeze the stolen funds in response to the breach. Professionals in cybersecurity are working closely with the exchange to keep track of the attack and lessen its effects.
The recent events have made a lot of people in the cryptocurrency world very worried about cryptocurrency exchange security measures. During this time of increased caution, the exchange has promised to improve its security procedures and give its users regular updates.
