WazirX turns to Public Poll for Recovery Options Post-Hack

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As a seasoned financial analyst with extensive experience in the cryptocurrency market, I closely monitor developments within the industry. The recent situation at WazirX, one of India’s leading cryptocurrency exchanges, has piqued my interest due to its transparency and community engagement during a challenging time.

WazirX, a prominent cryptocurrency exchange in India, is currently conducting a community poll publicly to decide on the most effective recovery solutions. The CEO of WazirX took to Twitter to announce that the poll’s setup process is underway and is expected to be live within the next few days.

Legal advisors are being consulted by us at present to determine the ideal length for the upcoming poll and to consider the most opportune time for restarting the platform if the outcomes prove favorable.

WazirX turns to Public Poll for Recovery Options Post-Hack

The exchange has given some initial information about the ongoing recovery efforts. Although more time is needed to fully implement the recovery plans, WazirX understands the community’s eagerness to restart the platform for withdrawals, deposits, and trading. The team is meticulously preparing a poll system to allow each user a voice in the decision-making process during the recovery phase.

Significantly, the INR funds in the account were unharmed during the incident that transpired while the transactions were being processed through the custodian, Liminal. The fundamental structure and foundations of WazirX’s main platform and underlying infrastructure remained untouched.

Nischal Shetty, the CEO, reassured users that the team was working diligently to fix the problem and expressed gratitude for their understanding and cooperation during this complex situation.

Aditya Singh, one of the Co-Founders at CryptooIndia, revealed on X that the hacker responsible for stealing funds from WazirX distributed the ill-gotten gains into three different wallets. In contrast, half of WazirX’s user funds were kept in a single hot wallet prior to the breach.

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2024-07-25 14:14