NewsletterWazirX Hack Update: Firm Working With 500 Exchanges And FIU To Recover Funds
Highlights
- WazirX has filed a police complaint after the recent exchange hack.
- The company is also collaborating with 500 crypto exchanges to recover assets.
- Users stress on wider investigations to prevent a reoccurrence.
WazirX Hack Update: Crypto exchange WazirX has filed a police complaint alongside other steps to recover lost crypto assets. The company highlighted plans to protect users’ funds including wider collaborations with the blockchain community. The WazirX hack saw $230 million in losses from the market raising eyebrows to the state of crypto firms.
WazirX Reveals About Legal Actions In New Hack Update
In a new WazirX has updated its community on ongoing efforts to recover lost funds from its exchange. In a July 19 post on X (formerly Twitter), the platform stated that a police complaint has been filed in addition to legal charges while the community remains informed. In the meantime, the incident has been reported to the Financial Intelligence Unit (FIU) and CERT-In.
“Immediate Actions: We have reported the incident to the Financial Intelligence Unit (FIU) and CERT-In. We’re reaching out to 500+ exchanges to block the identified addresses. Many exchanges are cooperating with us, and we are actively working with them on additional resources to aid our recovery efforts.”
Efforts to work with over 500 crypto exchanges were lauded by the community as bad actors will send assets to several on-chain platforms. Furthermore, WazirX restated a commitment to recover stolen and analyze deeply how the incident occurred. This includes collaboration with forensic experts and law enforcement to conduct all necessary investigations.
While crypto users appreciate these steps, they remain shocked by the level of losses with the capacity to drive down institutional sentiments.
Also Read: Ethereum Layer 2 Rho Markets Suffers $7.6M Security Breach
An Unfortunate $230M Hack
India’s largest crypto exchange recorded a $230 million hack that stunned the crypto community due to a security breach on its platform. The company immediately shut down crypto and rupee withdrawals. Initial reports say the breach occurred following a breach in one of the multisig wallets. Subsequently, the team added that it has discovered two more exploited smart contracts with more investigations underway.
As users await more details on the WazirX hack update, the price of Shiba Inu (SHIB) slowed before gaining ground amid mid-day trading. The asset gained 0.6% today, a low figure compared to the increase notched by other meme coins.
Also Read: BTC Price: Institutions Bet Big On $100,000 Bitcoin Call Options
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