About 85 pc of world’s cryptocurrencies are not even worth a cent: Report
About 85 per cent of the world’s cryptocurrencies are worth less than one cent, according to a report on Monday.
Indian crypto exchange WazirX experienced a security breach on one of its wallets on Thursday, reportedly resulting in the transfer of about USD 230 million to a different address.
Cyvers, a Web3 security firm taking it to social media platform ‘X’, said a suspicious address had swapped virtual digital assets while continuing to transfer other digital assets.
WazirX confirmed the security breach on the platform. The firm has temporarily paused customer withdrawals.
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“We are aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident. To ensure the safety of your assets, INR and crypto withdrawals will be temporarily paused,” it said in a statement.
Notably, the security breach comes months after the finance ministry issued show-cause notices to nine offshore virtual digital assets service providers dealing with crypto assets.
The Financial Intelligence Unit (FIU) in December last year issued the show-cause notices to VDA platforms like Binance, and Kucoin for non-compliance with anti-money laundering law and requested the Ministry of Electronics and Information Technology to block their websites.
As the WazirX development came, Sumit Gupta, co-founder and chief executive officer at crypto exchange CoinDCX, said users’ assets with the company remain safe.
“In light of the recent WazirX breach, we want to reassure all CoinDCX users that your assets are safe and not impacted in any manner. Our wallet security remains robust,” Gupta tweeted.
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