WazirX Exchange – 2024 Hack

In July 2024, WazirX, a leading centralized cryptocurrency exchange based in India, suffered a devastating cyberattack that resulted in the loss of approximately $234.9 million in investor funds. The breach was attributed to the notorious Lazarus Group from North Korea, who exploited vulnerabilities in WazirX’s multisignature wallet system. By manipulating the controlling smart contract, the attackers were able to drain assets from both hot and cold wallets. In response, trading was immediately suspended on July 18, 2024, causing a significant disruption in operations and severely damaging investor trust. The sudden halt and massive financial loss sent shockwaves through the market. Recovery efforts are still underway, including legal actions such as a lawsuit filed by rival exchange CoinSwitch and a creditors’ meeting approved by the Singapore High Court. The incident has not only intensified scrutiny of centralized exchange security but also sparked global calls for stronger cybersecurity protocols and regulatory oversight in the crypto industry.