As a seasoned crypto investor with several years of experience, I have seen my fair share of market volatility and exchange hacks. The recent news about WazirX, an Indian cryptocurrency exchange, suffering a security breach of over $230 million has left me feeling uneasy.
An Indian cryptocurrency platform, WazirX, has reported a major security incident resulting in over $230 million in losses to both the Financial Intelligence Unit (FIU) and the Indian Computer Emergency Response Team (CERT-In), by filing complaints with these respective entities.
WazirX stated in their post on X that following the cyber attack, they have reported the matter to the police and are taking further legal measures. They will provide updates to the community as the situation progresses.
On June 18th, a security breach affected one of the crypto exchange’s wallets, resulting in unauthorized withdrawals totaling $230 million.
Based on the article, WazirX is taking multiple approaches to resolve the issue. The platform is reaching out to over 500 other exchanges in order to blacklist the involved addresses.
Several partnerships are teaming up, and WazirX is coordinating with them to allocate extra resources towards restoration projects. Additionally, the firm is joining forces with forensic investigators and law enforcement departments to track down the misappropriated funds and return customers’ belongings.
After submitting a complaint, the Indian police may choose to file a First Information Report (FIR) to launch a formal investigation. If approved, this process could result in a more detailed examination of WazirX’s systems, security procedures, and documentation.
Joanna Cheng, Fireblocks’ Associate General Counsel, stated that India currently lacks regulations specifically for cryptocurrencies. To foster growth in the sector and hold crypto exchanges accountable to retail consumers, it is essential to establish clear frameworks addressing security, risk management, and consumer protection concerns.
Sumit Gupta, the co-founder of CoinDCX, has expressed readiness to help WazirX’s customers and is willing to consider recommendations in this regard. The Bharat Web3 Association has yet to provide a statement in response to our queries.
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2024-07-19 18:12