The cryptocurrency exchange of India WazirX has suffered a devastating hacker attack, with losses estimated at 235 million dollars.
Blockchain data analysts link the attack to North Korean hackers, known for their sophisticated cyber-attack techniques. The incident has led to the suspension of cryptocurrency and Indian Rupee (INR) withdrawals by WazirX.
Let’s see all the details below.
Hacker in India: North Korean traces in the attack on the WazirX exchange
As anticipated, on July 18, WazirX had to suspend withdrawals of cryptocurrencies and Indian rupees following a hacker attack that led to the theft of approximately 234.9 million dollars in digital assets.
The attack involved the unauthorized transfer of funds from the Safe Multisig wallet of the exchange to a different address, containing over 200 digital assets including Shiba Inu, Ether, Tether, Polygon, PEPE, and Floki.
According to the Web3 security company Cyvers, an unauthorized actor carried out the attack by exploiting a vulnerability in the WazirX system.
Tarun Mangukiya, co-founder of the payment platform Copperx, hypothesized that the hackers induced WazirX to update its Safe Implementation Skeleton with a phishing smart contract in the last eight days.
Thus leading the WazirX team to sign a compromised transaction. Elliptic, a blockchain forensics company, revealed that the attack shows typical patterns and techniques of North Korean hackers.
A representative of Elliptic stated that the analysis of on-chain transactional behavior and other information led to suspect the involvement of North Korea.
Other hypotheses on the attack against WazirX
Even ZachXBT, a well-known cryptocurrency investigator, has supported this theory, indicating that the hack shows distinctive signs of an attack by the Lazarus Group, a notorious North Korean criminal organization.
The Lazarus Group is known for its cyber attacks dating back to 2010 and for having terrorized the cryptocurrency sector since 2017, including the 600 million dollar exploit of the Ronin Bridge.
During the attack on WazirX, SHIB tokens worth over 100 million dollars were stolen, causing a 10% drop in the price of the digital asset.
The attackers have already started trading SHIB assets for ETH, selling 35 billion SHIB tokens worth 618,000 dollars and still holding about 95 million dollars in tokens.
This attack highlights the growing threat posed by North Korean hackers in the cryptocurrency sector and the importance of strengthening security measures to prevent future exploits.
Floki announces the initiative for the construction of a school in India
Recently, the team of Floki announced on X (formerly known as Twitter) a new initiative to build a school in India.
The team expressed great enthusiasm for this project, considering it a significant step towards the revolution of the educational sector in developing countries.
The construction of this school represents only the beginning of a broader plan that includes the establishment of numerous schools in various nations in difficulty.
Currently in its early stages, the initiative could see collaboration with various non-governmental organizations (NGOs) to ensure the success and sustainability of the project.
Floki has invited stakeholders to participate and share their vision for this philanthropic cause. Given the vast population of India, which surpassed that of China in 2022, the country faces numerous challenges in providing access to quality education.
The construction of the school by Floki aims to mitigate these difficulties, contributing to the improvement of the Indian educational system.
This initiative not only offers educational opportunities to young Indian students, but also introduces blockchain technology and cryptocurrencies into the educational context of the country.
The crypto community has welcomed the project with enthusiasm, praising the Floki team for their commitment to promoting education through the innovative use of cryptocurrencies.
The team also expressed gratitude to the “Floki Vikings” for their continuous support and active participation in the mission to improve the world, one school at a time.