5 million of circulating PUSH supply stolen in WazirX hack, token falls 48%

  cryptoslate.com 3 h

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. The hack, which occurred on July 18, 2024, has sent shockwaves through the crypto community and led to a significant drop in the value of affected tokens.

Per 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,” indicating that efforts are underway to address the situation and potentially mitigate the impact on affected users.

WazirX took immediate action in response to the hack, 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.

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

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.”

Source