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5 Million PUSH Circulating Supply Stolen in WazirX Hack, Token Drops 48%
The entire reserve of PUSH tokens held on WazirX was stolen following the recent security breachresulting in the theft of over $230 million in digital assets. The hack, which occurred on July 18, 2024, sent shockwaves through the crypto community and led to a significant drop in the value of the affected tokens.
For Push Protocol, the developer of the PUSH token, the exploitersold 100% of the PUSH token holdings belonging to WazirX users. This massive sell-off contributed to a 48% drop in the value of the PUSH token. The stolen PUSH tokens were traced to an Ethereum address identified by Push Protocol. At press time, PUSH has recovered as much as 23% to $0.099, resulting in a net decline of 34% since yesterday.
Harsh, the founder of Push Protocol, provided exclusive comment to CryptoSlate, stating, “We are currently communicating with the WazirX team to see what the action plan may be,” 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 also launched a reward program offering up to $23 million for information leading to the recovery of stolen funds.
ZachXBT has suggested that the cyberattack could be linked to North Korean perpetrators, based on similarities in the types of services used and transactional behaviors observed in previous attacks attributed to North Korean hackers.
Push Protocol has a circulating supply of 60 million tokens. Harsh commented,
“100% of the user reserves on the exploited exchange (Wazirx) have been sold. The remaining 55 million remain with the community and other exchanges, users, investors, etc.”