As a seasoned analyst with over two decades of experience in cybersecurity, I find these rumors surrounding the WazirX hack quite concerning. The implications are far-reaching and could potentially undermine the trust that users place in these platforms.
As a researcher delving into the world of cryptocurrency, I’ve noticed a whirlwind of speculation about an alleged inside connection to the recent hack on WazirX. A user who has undergone KYC verification in India is suspected to be among the masterminds behind the attack, according to unconfirmed reports from a supposed high-ranking insider at WazirX.
According to the whispers, it’s said that this user supposedly joined WazirX only a week prior to the security incident and transferred a significant amount of about ₹1 crore ($120,000) in cryptocurrency. This could have been done to assist in the hack or disguise their actions. Subsequently, on July 18, the hacker started making withdrawals, emptying the exchange’s GALA cold wallet.
Reports suggest that one key factor in the attack might have been the hacker’s knowledge about the token reserves held by WazirX. It is hypothesized that they closely monitored the balance and exploited the situation when WazirX transferred more GALA tokens from their cold wallet to the hot wallet, taking advantage of this movement.
On July 18th, an attack resulted in a massive financial loss of approximately $234 million and the destruction of nearly half of the platform’s user funds. This substantial damage has left consumers worried and demanding compensation for their losses, causing them significant stress.
To counteract this situation, WazirX has reportedly filed a petition at the Singapore High Court, seeking a judicial order to manage the consequences of the incident and offer a solution for affected users.
If authenticated, the involvement of a verified KYC user in this hack raises significant questions about the platform’s security measures and potential collusion among insiders for similar cybercrimes.
This information comes from inside reports and is currently considered unverified; it’s best to wait for confirmation from reliable sources or further investigations before treating it as fact.
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2024-09-03 18:33