In the early hours of Thursday across Europe, crypto exchange WazirX experienced an alarming withdrawal of over $230 million, primarily due to a security breach impacting one of its wallets, resulting in substantial user fund losses.

“We have identified a security breach in one of our multisig wallets. Our team is vigorously investigating the incident,” the exchange disclosed on X (formerly Twitter). “To safeguard your assets, INR and crypto withdrawals will be temporarily suspended.”

Initial blockchain analysis by Lookonchain reveals that over $100 million worth of Shiba Inu (SHIB) tokens were withdrawn, marking the highest among the lost assets. This was followed by $52 million in Ether (ETH), $11 million in Matic’s MATIC, and $6 million in Pepe (PEPE).

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Transaction data indicates the perpetrator is actively liquidating the stolen assets through the onchain exchange Uniswap. The exploiter has yet to offload their ETH holdings and currently possesses over $4.2 million in FLOKI tokens.

WazirX, a favored platform among Indian traders, primarily serves the Indian market. It is one of the few exchanges registered with the Financial Intelligence Unit (FIU) in the country, enabling it to provide crypto exchange services to Indian citizens.

According to CoinGecko data, WazirX facilitated at least $2.2 million in trading volumes in the past 24 hours, predominantly involving tether (USDT) stablecoins and XRP.