As a seasoned crypto investor with a fair share of battles fought and lessons learned, I can’t help but feel a sense of unease hearing about the WazirX hack. My journey in the crypto world has been filled with its fair share of ups and downs, but this incident serves as a stark reminder that no one is immune to the unpredictable twists and turns of the digital frontier.
In an unexpected turn of events, key Indian government departments have taken action against the significant hacking incident involving WazirX, causing a stir in the crypto community. This joint cyber battle includes the Financial Intelligence Unit (FIU), the Intelligence Bureau (IB), and the Indian Computer Emergency Response Team (CERT-In). The reason for this coordinated effort is the loss of approximately $235 million (roughly Rs 2000 Crore) in digital tokens from the WazirX platform on July 18.
Over the past two weeks, the WazirX cryptocurrency exchange office in Mumbai has been welcoming up to eight to ten dedicated employees and its founders, as they diligently work to understand how an external attack was initiated. They aim to discover the strategies of the attackers for future actions, learn how numerous cryptocurrency tokens were withdrawn from the Exchange’s wallets, and uncover any potential weaknesses that may have been exploited.
Although the probe into the matter remains in its initial phase, WazirX has yet to dismiss the possibility of a deliberate act of disruption. So far, only limited solid evidence has surfaced to support such an assertion.
The Financial Investigation Unit (FIU) serves as a crucial department that scrutinizes any financial transactions under suspicion. It falls under the jurisdiction of the Ministry of Finance. Meanwhile, the Intelligence Bureau (IB), situated within the Home Ministry, deals with matters related to internal security and counter-intelligence. Lastly, CERT-In is responsible for handling all government-related cyber threats.
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2024-10-07 12:20