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 been filed. It generally takes time for FIR after filing… https://t.co/UUFeEqFbgo — Nischal 🔼 August 6, 2024 Shetty proposed a controversial plan to “socialise” the exchange’s losses, by locking a percentage of users’ own assets in order to carry out damage control while other options were being looked at. As crypto assets are still largely unregulated in India and there is poor understanding of the underlying blockchain technology, investors affected by hacks and security breaches receive very little assistance from the authorities.

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History of this topic

India’s Biggest Crypto Hack of 2000 Crores: What WazirX Hack Teaches Us
3 months, 1 week ago

India’s Biggest Crypto Hack of 2000 Crores: What WazirX Hack Teaches Us

ABP News  

Over 50 days have passed since the biggest crypto cyber hack of India- the WazirX hack- that resulted in the theft of Rs 2000 crores worth of cryptocurrencies from the exchange. What has transpired since the July 18 hack of WazirX exchange depicts a classic tale of denial and obfuscation by the exchange management, apathy of the Indian government towards …

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 …

Mudrex crypto exchange obtains court order against scam websites misusing its name
3 months, 3 weeks ago

Mudrex crypto exchange obtains court order against scam websites misusing its name

The Hindu  

The Indian cryptocurrency exchange Mudrex obtained a court order that will direct the Indian government to take down a number of scam websites misusing its name and brand, per its CEO and a report by crypto outlet CoinDesk. The scammers allegedly impersonated real Mudrex employees, lured victims through Telegram by promising them rewards or work, and ran fake investment websites …

CoinSwitch to file lawsuit against WazirX
3 months, 3 weeks ago

CoinSwitch to file lawsuit against WazirX

New Indian Express  

BENGALURU: Cryptocurrency exchange CoinSwitch, which has Rs 12.4 crore in INR, Rs 28.7 crore in ERC20 tokens, and Rs 39.9 crore in other tokens on WazirX, will take legal action to recover the funds. A cyberattack on WazirX recently led to theft of about Rs 2,000 crore funds. As an exchange aggregator, CoinSwitch maintains a small amount of liquidity on …

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, …

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 …

Today’s Cache | WazirX’s post-hack woes continue; Elon Musk shares Kamala Harris deepfake; TikTok collected U.S. users’ views
4 months, 3 weeks ago

Today’s Cache | WazirX’s post-hack woes continue; Elon Musk shares Kamala Harris deepfake; TikTok collected U.S. users’ views

The Hindu  

WazirX’s post-hack woes continue More than one week after a hack that led to the theft of over $230 million in crypto assets from a multi-signature wallet, the Indian crypto exchange WazirX is struggling with the issue of resuming normal operations. Elon Musk shares Kamala Harris deepfake Experts are looking into the impact of AI-generated videos and audio in 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, 4 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 …

WazirX hacked; halts withdrawals as over $230 million stolen
5 months ago

WazirX hacked; halts withdrawals as over $230 million stolen

The Hindu  

Indian cryptocurrency exchange WazirX claimed that it was “taking all necessary steps to protect the customer assets,” after a cyber-attack against one of its wallets resulted in the loss of more than $230 million. “Despite us taking all necessary steps to protect the customer assets, the cyber attackers appear to have possibly breached such security features, and the theft occurred,” …

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 …

WazirX transfers digital assets after Binance ultimatum
1 year, 10 months ago

WazirX transfers digital assets after Binance ultimatum

The Hindu  

The Indian crypto exchange WazirX said that international exchange Binance’s claims about it having no control over WazirX and its operator Zanmai are “false and unsubstantiated,” but has confirmed that it is transferring digital assets. In a blog post early this month, Binance said that unless Zanmai clarified its “false public statements,” it would have to stop using Binance’s wallet …

Indian crypto exchange WazirX publishes proof of reserves
1 year, 11 months ago

Indian crypto exchange WazirX publishes proof of reserves

The Hindu  

Indian crypto exchange WazirX has published its proof of reserves, or data that shows the assets it holds, according to a company press release on Wednesday. The crypto exchange that serves over 15 million customers shared that its total holdings equalled around 284.82 million USDT, via the Coin Gabbar analytics platform. By total value and percentage of holdings, WazirX’s top …

Crypto exchange WazirX says ED has unfrozen its bank account
2 years, 3 months ago

Crypto exchange WazirX says ED has unfrozen its bank account

The Hindu  

The Indian cryptocurrency exchange WazirX said on Monday that its bank accounts has been unfrozen by India’s Enforcement Directorate, after the exchange’s “active cooperation” and “active anti-money laundering” checks led to blocking suspicious accounts. The ED had issued orders to freeze ₹64.67 crore worth of crypto exchange WazirX’s bank deposits in August this year. WazirX’s blog post published on Monday …

WazirX-ED Money Laundering Probe Reveals Darker Side Of Crypto In India: Govt Sources
2 years, 4 months ago

WazirX-ED Money Laundering Probe Reveals Darker Side Of Crypto In India: Govt Sources

ABP News  

New Delhi: The ED probe into alleged money laundering by crypto exchange WazirX and the subsequent squabbling among its promoters has revealed the 'darker side' of cryptocurrencies, a top government source said on Thursday. In the episode of WazirX, people got to know many darker sides, caution is necessary in crypto transaction," the source said. The agency has frozen Rs …

Binance and WazirX halt off chain transfers amidst ED probe for money laundering
2 years, 4 months ago

Binance and WazirX halt off chain transfers amidst ED probe for money laundering

The Hindu  

Indian crypto exchange WazirX announced yesterday that it will no longer enable crypto fund transfers between users’ WazirX accounts and their Binance accounts. “Effective from 11th August 2022 7:30 AM IST, WazirX will cease to support off-chain fund transfers between WazirX and Binance via the “Login with Binance” option,” stated WazirX’s release yesterday. The update comes almost a week after …

Cryptocurrency Binance WazirX India Enforcement Directorate probe money laundering crypto
2 years, 4 months ago

Cryptocurrency Binance WazirX India Enforcement Directorate probe money laundering crypto

The Hindu  

After India’s Enforcement Directorate issued orders to freeze ₹64.67 crores worth of crypto exchange WazirX’s bank deposits last week, the CEOs of WazirX and the crypto exchange giant Binance are under pressure to confirm whether WazirX is owned by Binance or not. They must also confirm whether transactions between them took place “off-chain.” The ED is probing WazirX, one of …

ED issues order to freeze ₹64.67 crore linked to WazirX
2 years, 4 months ago

ED issues order to freeze ₹64.67 crore linked to WazirX

The Hindu  

The Enforcement Directorate has conducted searches against one of the directors of Zanmai Lab Private Limited, which owns crypto-currency exchange WazirX, and issued an order to freeze ₹64.67 crore kept in bank accounts. “These companies and the virtual assets are untraceable at the moment.maximum amount of funds were diverted to WazirX exchange and the crypto assets so purchased have been …

Crypto Crash: Indian Investors Wary As Mega Sell-Off Continues
2 years, 6 months ago

Crypto Crash: Indian Investors Wary As Mega Sell-Off Continues

ABP News  

New Delhi: As foreign portfolio investors continue to pull out money from the Indian equity market, the sell-off in the crypto market and the digital asset space has also accelerated in the wake of global economic meltdown. More than $200 billion were wiped off the entire cryptocurrency market this week and the globally crypto market capitalisation fell below $1 trillion …

Crypto Investors Panic As India Plans To Bar Private Cryptocurrencies
3 years ago

Crypto Investors Panic As India Plans To Bar Private Cryptocurrencies

ABP News  

Mumbai: The crypto exchanges in India have requested the investors not to get into panic selling after investors started selling cryptocurrencies, leading some of the leading exchanges to crash. Crypto markets crashed following news of the central government introducing a Bill in Parliament to prohibit all private cryptocurrencies, barring a few, to “promote the underlying technology of cryptocurrency and its …

CoinDCX Raised $90 Mn Funding; Becomes First Indian Crypto Exchange Unicorn
3 years, 4 months ago

CoinDCX Raised $90 Mn Funding; Becomes First Indian Crypto Exchange Unicorn

News 18  

Mumbai: CoinDCX, an exchange platform of private cryptocurrencies, on Tuesday announced a USD 90 million fundraise which values the company at over USD 1.1 billion, even as RBI’s concerns on private cryptocurrencies continue. B Capital Group, founded by former co-founder of Facebook Eduardo Saverin, led the Series C funding in the company, which also saw participation from existing investors like …

WazirX Money Laundering Case: ED Issues Notice For Crypto Transactions Worth Rs 2,790 Cr
3 years, 6 months ago

WazirX Money Laundering Case: ED Issues Notice For Crypto Transactions Worth Rs 2,790 Cr

ABP News  

New Delhi: The famous cryptocurrency exchange WazirX, along with its directors Nischal Shetty and Sammer Hanuman Mhatre experienced a big blow on Friday in the form of a show cause notice by the Information Directorate, under Foreign Exchange Management Act, 1999,. The notice was issue regarding transactions involving cryptocurrency worth Rs 2,790.74 crore. The official twitter handle of ED on …

WazirX Gets ED Notice for Cryptocurrency Transfer Worth Rs 2,791 crore
3 years, 6 months ago

WazirX Gets ED Notice for Cryptocurrency Transfer Worth Rs 2,791 crore

News 18  

The Enforcement Directorate issued a show cause notice to WazirX, the largest crypto exchange in India for transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act. A notice was sent to the popular cryptocurrency exchange and its directors Nischal Shetty and Sameer Mhatre “for contravention of the Foreign Exchange Management Act, 1999,” ED said. …

WazirX gets ED notice over Rs 2790 crore crypto transaction, company says hasn't received it yet
3 years, 6 months ago

WazirX gets ED notice over Rs 2790 crore crypto transaction, company says hasn't received it yet

India Today  

The Enforcement Directorate has issued a show-cause notice to India’s leading cryptocurrency exchange platform WazirX and its directors Nischal Shetty and Sameer Mhatre under the Foreign Exchange Management Act 1999, for transactions involving cryptocurrencies worth Rs 2,790.74 crore. “ED has issued Show Cause Notice to WazirX Crypto-currency Exchange for contravention of FEMA, 1999 for transactions involving crypto-currencies worth Rs. “During …

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