One of India’s largest cryptocurrency exchanges, WazirX, has confirmed that it experienced a significant security breach resulting in the suspicious transfer of approximately $230 million in digital assets from its platform.

The Mumbai-based exchange disclosed that the breach involved one of its multisig wallets.

“We're aware that one of our multisig wallets has experienced a security breach. Our team is actively investigating the incident,” the company said in a post on X, noting that INR and crypto withdrawals will be temporarily paused to ensure the safety of users’ assets.

Blockchain explorer Lookchain reported that the stolen assets included 5.43 billion SHIB tokens, over 15,200 Ethereum tokens, 20.5 million Matic tokens, 640 billion Pepe tokens, 5.79 million USDT, and 135 million Gala tokens. The assets were reportedly transferred out of WazirX's platform earlier in the day.

While the identity of the attacker remains unknown, blockchain data suggests they are attempting to offload the stolen assets using Uniswap, a decentralized exchange.

CoinSwitch and CoinDCX, two other major crypto exchanges in India, said that they have not been impacted by the incident and that their customers’ funds remained secure.