WazirX, India’s largest cryptocurrency exchange, reported a significant security breach on its platform, resulting in the theft of over $230 million in cryptocurrency. 

WazirX confirmed the breach on the social media platform X and announced that customer withdrawals have been temporarily paused to address the issue.

The company posted on X, “A cyber-attack occurred in one of our multisig wallets involving a loss of funds exceeding $230 million. Despite us taking all necessary steps to protect the customer assets, the cyber attackers appear to have possibly breached such security features, and the theft occurred.”

The breach reportedly occurred in one of the exchange’s multi-sig wallets, which require multiple private keys to unlock and withdraw funds. 

The incident was linked to a discrepancy between the data displayed on Liminal’s digital asset custody and wallet infrastructure and the actual contents of the transaction. Liminal has been providing services to WazirX since February 2023.

Liminal Custody in a statement, said, “Our preliminary investigations show that one of the self-custody multi-sig smart contract wallets created outside of the Liminal ecosystem has been compromised. We can confirm that Liminal’s platform is not breached and Liminal’s infrastructure, wallets and assets continue to remain safe.”

The company has suspended all withdrawals in both crypto and rupees on its platform.

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