Indian Exchange WazirX Hacked today

Today is a bad day for the Indian crypto industry because one of the biggest crypto exchanges was hacked today. Hacking is never a good experience and with such incidents it affects exchange and users also. The biggest exchange in the country and based on the data provided almost 33% of the user base in India is with the exchange. This is quite a big percentage I believe and as per the last proof of reserve report they had almost 504 million dollars worth of crypto in their wallets.

src

They are multi-SIG wallets that have been compromised but it is hard to understand how it happened and what went wrong with the exchange security. They have already disabled the withdrawal for crypto as well as the Fiat currency and this is going to impact the users for sure even now the prices are crashing in the exchange for almost every coin. Generally, the USDT price is approximately ₹90 in India but after this, stablecoin is available at approximately ₹78. This is a big crash because of the exchange situation in stable coin price which is not good and surely the users are getting impacted.

Cryptocurrencies stolen in a malicious attack at Indian exchange WazirX early Thursday, as well as the platform's native token, are experiencing significant losses in their market values after the hack drained roughly 50% of the exchange's reserves.

If you are from India and you hold the funds in this exchange then it is sad news for you and I would recommend you to keep an eye open to see if any update is shared by the exchange. They must be investigating the case and hopefully, they should be coming out with some update in a day or two so the users need to stay updated on the progress.

Thank you so much for stopping by and if you like my content, please vote and share your thoughts in the comments section.

10% beneficiary to Tron-fan-club