WazirX Hack Update: Recovery Initiatives and Security Upgrades After $230M Theft

The post WazirX Hack Update: Recovery Initiatives and Security Upgrades After $230M Theft appeared first on Coinpedia Fintech News

WazirX, one of India’s largest crypto exchange platforms, has been making very interesting progress, particularly in reaction to the recent $230 million hack with more emphasis placed on how to return the stolen money and secure the platform. 

Since the cyber attack on its multi-sig wallet, WazirX has been in touch with the affected projects that are associated with the stolen tokens, to help in the return process. The team is also actively striving to allow for withdrawals and also as to how the deposits and trading can resume on the platform. To this date, they have received 133 submissions for their recovery initiatives (bounty of $23 million)  that are still ongoing. 

Nischal Shetty, the owner of WazirX, shared updates on their ongoing efforts. He and the team have been contacting different potential partners, attempting to find a solution that would benefit customers. He is trying to find various possibilities that would help enable the Platform’s deposits, withdrawals and trading capabilities 

Shetty also focused on cooperation with the police regarding the search and arrest of the contributors to the cyber attack. He said that the loss in the over $230 million cyber attack ranges from only the digital wallet balances of a WazirX customer; INR balances are not affected. 

He also stressed that the WazirX application itself was not hacked; rather, attackers targeted a multi-sig wallet hosted outside the application and could use it through a Liminal custody solution. 

In a statement, the WazirX team reiterated their commitment to user safety and platform integrity, ”Regarding the cyber attack theft the 1:1 collaterals with assets wherein we have been kept temporarily halted due to our temporary trading suspension. The forensic data examination and security audit are in process and we are planning to enable the withdrawals shortly.” 

While WazirX works on instant and long-term solutions for the problem that caused a significant shake in the crypto ecosystem, the users of the exchange are staying positive about its outcome.

Also Check Out: WazirX Doubles Bounty as Hacker Moves $57M in Stolen Ether; Will It Work?