WazirX, the largest digital asset exchange in India, has made a sudden decision to suspend its trading services temporarily following a recent hack that targeted the platform. This move was necessary to protect its substantial user base and the growing cryptocurrency industry in the nation.

Cyber Attack Hits WazirX

Last week, WazirX fell victim to a cyber attack, sparking discussions within the crypto community. The incident is believed to be linked to the notorious Lazarus Group, a group of North Korean hackers.

The hackers targeted one of WazirX’s multi-sig wallets, resulting in the loss of millions of dollars worth of digital assets. Reports show that the stolen assets included popular cryptocurrencies like Ethereum, Shiba Inu, PEPE, and GALA. In response to the breach, the exchange halted its trading services to safeguard user funds, raising concerns about the platform’s asset security.

Due to the cyber theft affecting its collateral holdings, WazirX temporarily paused trading activities and withdrawals to prevent further damage. The platform assured users that investigations are underway to secure assets and resume normal operations.

Despite the temporary suspension, WazirX is committed to conducting forensic data examinations and security audits to expedite fund withdrawals and restore customer assets. The platform has taken legal action, contacted other exchanges, and introduced a bounty program to recover the stolen assets.

Alert on Fake Reimbursement Email

Following the security breach, WazirX users reported receiving scam emails promising reimbursement of stolen funds through an airdrop scheme. The platform warned users to stay cautious as cybercriminals continue to target them through fraudulent activities.