Indian crypto exchange WazirX has temporarily paused all trading after it lost $230 million in funds on Thursday during a security breach.

The Mumbai-based exchange said the crypto was stolen from one of its multi-signature wallets, which need two or more private keys to validate and authorise transactions.

WazirX’s impacted wallet was protected by six signatories, five of whom were with the WazirX team.

The firm, which reported assets under management of about $500 million in its June proof-of-reserves disclosure, called the security breach “a force majeure event.”

“The cyber-attack stemmed from a discrepancy between the data displayed on Liminal’s interface and the transaction’s actual contents,” the firm added.

According to the exchange, the cyber-attack impaired its ability to maintain the critical 1:1 collateral ratio with assets, with the firm suspending customer withdrawals earlier this week.

Indian exchanges CoinSwitch and CoinDCX, both of which work with WazirX for some of their services, said earlier this week that their customers hadn’t been impacted by the attack on WazirX.

WazirX announced a bounty programme of up to $23 million to reward anyone who could help the firm recover the stolen assets.

Risk-management platform Elliptic claimed last week ts analysis had found that the attacker had links to North Korea.

---