Crypto industry wants Wazir X to reconsider its recovery plan after $230 million loss
4 months, 3 weeks ago

Crypto industry wants Wazir X to reconsider its recovery plan after $230 million loss

New Indian Express  

BENGALURU: Crypto exchange WazirX's proposed plan to socialise its loss has not gone down well with the crypto industry, which wants it to reconsider the approach. WazirX recently faced a security breach leading to a $230 million loss and said, "We are implementing a fair and transparent socialized loss strategy to distribute the impact across all users equitably." Vikram Subburaj, CEO, Giottus Crypto Platform, said WazirX has to be transparent on their contribution as a business to the loss and to not restrict users with respect to withdrawal or locking of funds, adding that is the only way to gain the confidence of investors. "The threat actor has already swapped a number of these tokens for Ether using a variety of decentralised services, an expected initial step of a typical laundering process," it said.

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History of this topic

Binance accuses WazirX CEO Nischal Shetty of misleading customers after wallet attack
3 months ago

Binance accuses WazirX CEO Nischal Shetty of misleading customers after wallet attack

The Hindu  

The international cryptocurrency exchange Binance has released a statement distancing itself from the Indian exchange WazirX and accusing CEO Nischal Shetty of misleading customers, after the Indian company’s multi-signature wallet was hacked, leading to the loss of more than $230 million and bringing to light a contentious business relationship between the two exchanges. While WazirX has claimed that it was …

WazirX Hack: Over $230 Million in stolen Crypto converted to Ether
3 months, 2 weeks ago

WazirX Hack: Over $230 Million in stolen Crypto converted to Ether

The Hindu  

A major part of the more than $230 million in assets stolen from Indian crypto exchange WazirX last month has been converted to Ether, the second biggest cryptocurrency by market capitalisation, according to the crypto tracker Lookonchain. Crypto outlet Coin Desk also reported that a cryptocurrency “mixer” known as Tornado Cash was used to carry out currency transport. In response …

WazirX pushes for restructuring as the fastest way to resume crypto operations
3 months, 3 weeks ago

WazirX pushes for restructuring as the fastest way to resume crypto operations

The Hindu  

During a digital town hall meeting on Monday, cryptocurrency exchange WazirX and financial advisory solutions company Kroll pushed for seeking a moratorium through the Singapore legal system, even as aggrieved users demanded access to their frozen funds after the July hack that led to the loss of over $230 million. The moratorium would serve to prevent legal action from being …

The $230-million WazirX hack: regulatory gap leaves 4 million Indians stranded
3 months, 3 weeks ago

The $230-million WazirX hack: regulatory gap leaves 4 million Indians stranded

Live Mint  

About 4.2 million of WazirX’s 16 million users were struck by a massive hack of the cryptocurrency exchange on 18 July that wiped off 40-50% of their crypto balances. “I had invested approximately ₹1.4 lakh in WazirX around 3-4 years ago, which grew to ₹2 lakh over time… I think about half my money will come back—whether in 1 year …

WazirX files moratorium application with Singapore court under insolvency act, seeks to restructure liabilities
3 months, 3 weeks ago

WazirX files moratorium application with Singapore court under insolvency act, seeks to restructure liabilities

Live Mint  

Zettai Pte Ltd, the holding company of the cryptocurrency exchange WazirX, posted on X on Wednesday, August 28, that it had filed an application with the High Court of Singapore under Section 64 of the Insolvency, Restructuring and Dissolution Act 2018. WazirX said the period will give it time to develop a restructuring plan that “represents the most efficient way …

WazirX crypto hack | As CEO Nischal Shetty confirms FIR, rival exchange CoinDCX announces ₹50 crore investor protection fund
4 months, 2 weeks ago

WazirX crypto hack | As CEO Nischal Shetty confirms FIR, rival exchange CoinDCX announces ₹50 crore investor protection fund

The Hindu  

As WazirX cryptocurrency exchange users anxiously wait for updates regarding the more than $230 million in assets stolen from a breached multi-signature wallet, rival crypto exchange CoinDCX announced a ₹50 crore Crypto Investors Protection Fund. The company’s CEO Nischal Shetty repeatedly asked users to be patient as the incident was being investigated, and confirmed this week that an FIR had …

WazirX crypto exchange hack: how much of the assets was lost, CEO Nischal Shetty’s announcement, and what happens next
4 months, 3 weeks ago

WazirX crypto exchange hack: how much of the assets was lost, CEO Nischal Shetty’s announcement, and what happens next

The Hindu  

Indian crypto exchange WazirX said approximately 45% of its crypto assets was affected by a cyber attack on July 18 that led to the loss of more than $230 million from one of its wallets. “As of June 10, 2024, at 6:30 PM, WazirX’s total holdings stood at an impressive ₹4,203.88 Crores, marking a staggering 79% surge compared to the …

WazirX crypto exchange hack and its bounty programme: what it means to India’s crypto investors?
4 months, 3 weeks ago

WazirX crypto exchange hack and its bounty programme: what it means to India’s crypto investors?

The Hindu  

On July 18, Indian cryptocurrency exchange WazirX was hit by a cyberattack that led to a loss of digital assets worth more than $230 million from one of its wallets. “The impact of the over $230M cyberattack is on the digital assets of our customers,” said WazirX in a blog post, adding that INR funds were not affected. But Liminal, …

WazirX Signers' Machine Not Compromised In $235-Million Breach, Findings Report Claims Liminal’s Infrastructure Was Likely Vulnerable
4 months, 3 weeks ago

WazirX Signers' Machine Not Compromised In $235-Million Breach, Findings Report Claims Liminal’s Infrastructure Was Likely Vulnerable

ABP News  

WazirX has come out with a report on initial findings in the aftermath of the July 18 cyberattack. WazirX's report, dated July 25, states, "Our preliminary findings have not found any evidence that WazirX signers’ machines were compromised.” The exchange's team is continuing a detailed forensic analysis and plans to disclose complete findings once the investigation is concluded. Liminal Likely …

WazirX crypto exchange halts deposits and withdrawals after $230 million hack; reported incident to Indian regulators
5 months ago

WazirX crypto exchange halts deposits and withdrawals after $230 million hack; reported incident to Indian regulators

The Hindu  

Indian cryptocurrency exchange WazirX said that it had reached out to the Indian police, the Financial Intelligence Unit India, CERT-In, and over 500 other exchanges in order to respond to a hack of its wallet that led to the theft of more than $230 million. “On July 18, 2024, WazirX experienced a cyber attack on one of our multisig wallets, …

WazirX security breach: How did hackers steal $230 million in crypto?
5 months ago

WazirX security breach: How did hackers steal $230 million in crypto?

Firstpost  

Indian crypto exchange WazirX has temporarily paused all trading after hackers stole $230 million in funds on Thursday. Experts say the cybercriminal group Lazarus – which is affiliated with North Korea – could be behind the attack With 16 million customers, WazirX is one of India's most prominent crypto exchanges. Economic Times quoted Liminal as saying, “Our preliminary investigations show …

Indian crypto exchange WazirX hit by security breach leading to user fund loss and $230 million in withdrawals
5 months ago

Indian crypto exchange WazirX hit by security breach leading to user fund loss and $230 million in withdrawals

India Today  

Indian cryptocurrency exchange WazirX has faced a massive security breach. The crypto exchange has confirmed that the breach led to loss of user funds and $230 million in withdrawals. WazirX has shared the affected wallet address: 0x27fD43BABfbe83a81d14665b1a6fB8030A60C9b4 Screenshot: X/@lookonchain “The cyber attack stemmed from a discrepancy between the data displayed on Liminal's interface and the transaction's actual contents. Liminal Custody …

Big blow to crypto industry as WazirX falls victim to $235 million hack
5 months ago

Big blow to crypto industry as WazirX falls victim to $235 million hack

New Indian Express  

BENGALURU: WazirX, which is the country's largest cryptocurrency exchange by volume, on Thursday paused INR and crypto withdrawals temporarily as it suffered a security breach. Crypto storage provider Liminal Custody in a statement said its preliminary investigations show that one of the self-custody multi-sig smart contract wallets created outside of the Liminal ecosystem has been compromised. It is also pertinent …

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