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Delhi Police Files FIR In $230 Mn WazirX Crypto Heist

Inc42 · 1y ago

Delhi Police Files FIR In $230 Mn WazirX Crypto Heist

WazirX, a cryptocurrency exchange, plans to collaborate fully with authorities to track down stolen funds and bring the perpetrator to justice. A First Information Report (FIR) has been filed under applicable sections of the Indian penal code. The incident revolves around a cybersecurity breach last month, resulting in the theft of approximately $230 million worth of cryptocurrency from one of WazirX's multisig wallets.

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Forensic Probe Reveals WazirX’s Systems & Laptops Not Compromised In $230 Mn Crypto Heist

Inc42 · 11m ago

Forensic Probe Reveals WazirX’s Systems & Laptops Not Compromised In $230 Mn Crypto Heist

Forensic Probe Reveals WazirX's Systems & Laptops Not Compromised In $230 Mn Crypto Heist. A probe into the hack that led to the Indian crypto exchange WazirX losing more than $230 Mn from one of its multisig wallets has revealed that its systems and laptops were not compromised in the cyberattack

WazirX faces flak over handling of $230-million crypto heist

Economic Times

Economic Times · 1y ago

WazirX faces flak over handling of $230-million crypto heist

Indian cryptocurrency exchange, WazirX, faced criticism after experiencing a major data breach resulting in $230 million worth of stolen investor holdings. Social media users expressed concerns, calling on WazirX to take responsibility for the losses and questioning why customers should have to absorb them. It was reported that the FBI has reached out to WazirX to investigate the cyberattack allegedly involving North Korean hackers. WazirX responded by implementing a fair and transparent socialised loss strategy to distribute the impact across all users. Rupee and crypto withdrawals on the platform are currently on hold.

Crypto Heist: WazirX Seeks Help From Binance To Bail Out Customers

Inc42 · 1y ago

Crypto Heist: WazirX Seeks Help From Binance To Bail Out Customers

Binance holds control over WazirX's revenue and WRX token, according to a recent report. WazirX is currently engaged in a legal dispute with Binance, and discussions between the two companies are still in the early stages. Additionally, Binance held $80 million worth of WazirX tokens during a crypto hack.

Crypto Heist: WazirX Makes U-Turn On Socialised Loss Strategy

Inc42 · 1y ago

Crypto Heist: WazirX Makes U-Turn On Socialised Loss Strategy

Indian cryptocurrency exchange, WazirX, has scaled back its socialised loss strategy due to strong backlash from customers. The exchange had proposed a 55-45 approach, allowing users to access and trade 55% of their cryptocurrency portfolio after a recent hack. However, this approach was criticized as unfair by many in the crypto community. As a result, WazirX has decided to slow down and reassess its strategy.

WazirX Dumps Wallet Infra Provider Liminal

Inc42 · 11m ago

WazirX Dumps Wallet Infra Provider Liminal

Crypto exchange WazirX is moving its remaining assets held with the custodian Liminal to new multisig wallets. While WazirX's systems were not compromised, the custodian's interface was, leading to hackers stealing $230 million worth of crypto assets from WazirX's multisig wallet. This resulted in a loss of 45% of customer funds. Now, WazirX is taking steps to secure its remaining assets by migrating them to new wallets.

Nischal Shetty Making False Claims To Implicate Us, Says Binance

Inc42 · 10m ago

Nischal Shetty Making False Claims To Implicate Us, Says Binance

Binance stated that it is not involved in WazirX's user agreement or ownership, nor does it hold any user funds. Binance accused Nischal Shetty of attempting to mislead WazirX customers and the market with inaccurate information. This dispute follows a crypto theft incident in which hackers stole over $230 million worth of cryptocurrency from WazirX a few months ago.

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

Livemint

Livemint · 11m ago

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

Zettai Pte Ltd, the parent company of WazirX crypto exchange, has filed for a moratorium with the High Court of Singapore following a hacking attack that led to the loss of $230 million in crypto assets. The moratorium will give the company time to develop a restructuring plan to address users' cryptocurrency balances on the platform and facilitate recovery for users. The company will receive an automatic 30-day moratorium period, during which the High Court will decide whether to grant the request. The financial impact of the cyberattack will be allocated among users who rank equally as unsecured creditors.

WazirX Takes Down Video Promising Crypto Users Of Full Profits

Inc42 · 10m ago

WazirX Takes Down Video Promising Crypto Users Of Full Profits

- WazirX has removed a YouTube video where they claimed to share 100% of profits with users from future crypto price appreciation. - The video featured George Gwee, the director of Kroll, the legal entity overseeing WazirX's restructuring. - According to the video accessed by The Crypto Times, all profits generated from crypto price appreciation during WazirX's restructuring would be distributed to users. - In July, WazirX faced a significant breach in one of its multisig wallets, leading to the loss of over $230 Mn in digital assets, which accounted for more than 45% of the exchange's total reserves.

Coinbase circles CoinDCX after $44 mn crypto heist

Livemint

Livemint · 11d ago

Coinbase circles CoinDCX after $44 mn crypto heist

Coinbase is reportedly in advanced talks to acquire India's CoinDCX, following a $44 million hack affecting the local crypto exchange. The potential deal could value CoinDCX, one of India's largest crypto exchanges, at below $900 million, a significant drop from its peak valuation of $2.2 billion three years ago. This acquisition would allow Coinbase to further its presence in India, where it already holds stakes in CoinDCX and competitor CoinSwitch.

WazirX announces $23 mn bounty to recover $234 mn lost in cyber breach

Internet

Internet · 1y ago

WazirX announces $23 mn bounty to recover $234 mn lost in cyber breach

WazirX Announces $23 Million Bounty to Recover Stolen $234 Million. Crypto platform WazirX, which recently lost $234 million in a cyber breach, has announced a $23 million bounty to recover the stolen assets. The bounty program, active for three months, invites white hat hackers, blockchain forensics experts, and cybersecurity professionals to aid in the recovery. WazirX's founder, Nischal Shetty, emphasizes the importance of community expertise in achieving this critical objective.

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