WazirX Discloses Important Update Amid Rising Customer Pressure

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As a seasoned analyst with over two decades of experience in the financial sector, I have witnessed numerous incidents where user funds were compromised. The case of WazirX is no exception, and it serves as a stark reminder that the crypto space is not immune to such malicious activities.

Cryptocurrency exchange WazirX has disclosed the submission of a police report regarding the high-profile hack that resulted in significant financial losses. The platform is keeping users informed about their ongoing work to apprehend the hackers. However, there’s been a range of opinions within the community following the incident’s conclusion.

WazirX Files FIR 

WazirX revealed they’ve submitted a First Information Report (FIR) based on a previous complaint about a notable event. They clarified on their platform (previously known as Twitter) that the police are currently investigating this matter because an FIR under the BNS and IT Act was filed on August 5th.

As a researcher involved in the incident regarding the cyberattack on our multisig wallet, I can share that as of August 5th, 2024, authorities have acknowledged and initiated action based on the complaint we filed. Specifically, an FIR has been registered under the BNS & IT Act by the Special Cell, PS Lodhi Colony, New Delhi, through the Intelligence Fusion & Strategic Operations (IFSO) of the Delhi Police.

1. According to the cryptocurrency platform based in India, they trust the investigation conducted with appropriate authorities regarding the matter. WazirX communicated to its users that they are actively trying to retrieve all stolen funds and apprehend the perpetrators. A hack on the exchange led to approximately $230 million being stolen, causing a wave of discontent among users.

As a dedicated crypto investor, I’ve been keeping tabs on the platform’s ongoing endeavors to retrieve our funds and enhance security measures. Lately, there’s been a significant shift in strategy; the exchange has chosen to abandon its loss distribution plan among users, following intense criticism from the community.

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Platform Explains FIR Delay 

After the FIR filing was announced, some users pointed out that a delay had occurred since they felt the report should have been made earlier. However, it was clarified that a police complaint was filed the day after the hack incident, and users were notified as well. Nischall Shetty further mentioned that the FIR process typically takes longer following an initial complaint, demonstrating their dedication to finding resolutions.

As a researcher involved in this matter, just as our valued customers, I am eager to see the perpetrators of this theft apprehended and the stolen funds restored. We are persistently striving to advance towards the next phases and find effective solutions. Rest assured, we will continue on this path.

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2024-08-06 12:09