Why is WazirX not working?

Recently, WazirX, a prominent Indian cryptocurrency exchange, encountered a significant setback in the form of a security breach. This unforeseen event has led to the temporary suspension of withdrawal services, causing inconvenience and concern among its user base.

The root of the issue lies in the compromise of multisig wallets, a crucial component of the exchange's security infrastructure. Multisig wallets are designed to require multiple signatures for transactions, adding an extra layer of protection against unauthorized access. However, in this instance, the sophisticated attack managed to bypass these safeguards.

Following the breach, funds were swiftly moved to a new address, further emphasizing the urgency and severity of the situation. WazirX has acted swiftly to contain the damage and prevent further losses, but the aftermath has left users anxious about the safety of their assets.

In response to the incident, WazirX has advised all users to revoke approvals granted to the exchange. This precautionary measure aims to minimize the risk of unauthorized transactions and safeguard users' funds during this period of uncertainty.

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