WazirX Loses $230 Million in PUSH Token Hack, North Korean Actors Suspected

The entire reserve of PUSH tokens held on WazirX was stolen following the recent security breach, resulting in the theft of over $230 million in digital assets.

A recent security breach at WazirX has resulted in the theft of the entire reserve of PUSH tokens held on the exchange, amounting to over $230 million in digital assets. The hack occurred on July 18, 2024, and has led to a significant drop in the value of affected tokens.

According to Push Protocol, the developer of the PUSH token, the exploiter sold 100% of the PUSH token reserves belonging to WazirX users. This massive sell-off contributed to a 48% decline in PUSH token value. The stolen PUSH tokens have been traced to an Ethereum address identified by Push Protocol. As of press time, PUSH has recovered to 23% to $0.099, resulting in a net 34% decline since yesterday.

Harsh, the founder of Push Protocol, provided an exclusive comment to CryptoSlate, stating, “We are currently communicating with the WazirX team to see what can be the plan of action.” This statement suggests that efforts are being made to address the situation and potentially mitigate the impact on affected users.

In response to the hack, WazirX took immediate action by temporarily suspending all deposits and withdrawals to prevent further losses. The exchange has also launched a bounty program offering up to $23 million for information leading to the recovery of the stolen funds.

Based on similarities in the types of services used and transactional behavior observed in past attacks attributed to North Korean hackers, ZachXBT has suggested that the hack may be linked to North Korean actors.

Push Protocol has a circulating supply of 60 million tokens. Harsh commented,

“100% user reserves on the exploited exchange (Wazirx) was sold. Remaining 55M stays with the community and with other exchanges, users, investors, etc.”