In a sudden and alarming development throughout the Indian cryptocurrency market, WazirX, the nation’s largest digital asset exchange has temporarily suspended its trading services following a recent hack incident faced by the platform within the prior week. This motion was needed in response to the hack on the exchange, which has a large user base and is crucial to the nation’s developing cryptocurrency industry.

WazirX Puts Crypto Trading Services On Hold

Last week, the India-based crypto exchange WazirX became the newest victim of a cyber attack, which has turn out to be a serious discussion throughout the crypto community. The incident is believed to be linked with the famous North Korean hackers often known as Lazarus Group.

In response to the exchange, the hackers targeted considered one of its multi-sig wallets, resulting in the lack of thousands and thousands of digital assets. Data from on-chain tracker Cyvers Alerts revealed that the criminals stole over $235 million involving major digital assets like Shiba Inu, Ethereum, PEPE, and GALA, amongst others. Nevertheless, the exchange has acted quickly to guard the funds of its users by halting its trading activities because of this of the breach, which has caused major concerns concerning the security of digital assets on the platform.

WazirX noted that the cyberattack theft had affected the platform’s capability to maintain its 1:1 collaterals with assets, which is why the trading services were suspended with a view to prevent more damage. It’s value noting that the team also suspended withdrawals last week after the platform was attacked in order to guard its user’s funds. “Our team is actively investigating the incident. To make sure the security of your assets, INR and crypto withdrawals will likely be temporarily paused,” the team stated.

Regardless that the team has temporarily paused trading services and withdrawals on the platform, they’ve highlighted their commitment to carrying out extensive forensic data examination and security audit procedures to quickly facilitate withdrawals.

Within the meantime, the platform intends to revive customer assets, track down the embezzled funds, and perform a more thorough investigation of the cyberattack. Thus the crypto platform has filed a criticism to the police, reached out to over 500 exchanges to dam the hacker’s address, and initiated a bounty program to retrieve the stolen assets.

Fake Reimbursement Plan Email From The Cybercriminals

WazirX crypto trading suspension comes after receiving multiple complaints from its users about an ongoing scam Email from impersonators, implying to reimburse victims of their stolen funds through an airdrop strategy. 

The scam mail indicates that the criminals are still actively targeting WazirX users. Due to this fact, the team has urged users to stay vigilant in times like these, because the criminals could devise more ways to focus on users while they aggressively track and take care of these fraudulent operations.

Featured image from iStock, chart from Tradingview.com