As a seasoned researcher who has witnessed numerous ups and downs in the cryptocurrency market, I find it both intriguing and concerning to observe the current situation at WazirX. The recent hack has undeniably shaken the community, but the resilience of the platform and its founders is commendable.
In response to the recent cyber attack that resulted in a loss of approximately $230 million ($2000 Crore) on WazirX, the cryptocurrency exchange, they have communicated their future actions to the community.
On August 22nd, it was confirmed that users have been impatiently waiting for information about the progress of INR and cryptocurrency transactions. The WazirX team is in the process of wrapping up these particulars and intends to disclose the forthcoming actions to users by tomorrow.
Nischal Shetty, co-founder of WazirX, provided more details about the current situation, stating that the main focus right now is to make it clear how INR (Indian Rupee) and cryptocurrencies are managed on the platform. He hinted at plans for new concepts designed to generate additional value and lessen the effects of the theft. Shetty underlined the significance of community cooperation in facing this hurdle, expressing confidence that by working together, WazirX can become even stronger.
With growing user frustration, it’s crucial that we devise an effective strategy. Here’s hoping for a fresh start tomorrow.
Beyond these actions, WazirX is actively pursuing the tracing of stolen funds via a reward program and working alongside law enforcement agencies. Although Shetty admitted the time required for recovery following such an attack, he assured the community of their dedication to maintaining transparency and resilience in overcoming obstacles.
Approximately a month past, a significant security incident happened at the WazirX cryptocurrency platform, leading to an estimated loss of about Rs 2000 crore from roughly 45% of investor funds. Despite this ongoing predicament, the native token of WazirX, the WRX coin, has remarkably held its ground and shown resilience.
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2024-08-22 17:56