As a seasoned crypto investor with years of experience navigating the tumultuous world of digital assets, I’ve learned to brace myself for unexpected twists and turns. The latest development in the WazirX hack investigation, with the arrest of SK Masud Alam, brings some semblance of hope that justice might finally be served. However, the non-cooperation from Liminal Custody raises red flags and further questions about the accountability of third-party service providers.
The authorities in Delhi have apprehended an individual residing in West Bengal, who is suspected of playing a role in the $230 million hack on WazirX. It’s alleged that this person fabricated a false account and subsequently sold it via Telegram to someone else. That individual then supposedly exploited WazirX’s security using this fake account. Additionally, the investigation has uncovered problems stemming from lack of cooperation from Liminal Custody, the company entrusted with securing WazirX wallets, which raises additional concerns.
Bengal Man Arrested in $230 Million WazirX Hack Investigation
The latest arrest of SK Masud Alam by Indian authorities signifies a significant development in the ongoing investigation into the WazirX hack, where approximately $230 million worth of digital assets were stolen. It is alleged that the suspect created a fraudulent WazirX account under the pseudonym “Souvik Mondal” and subsequently sold this account on Telegram to M Hasan, who then allegedly exploited the platform’s security using the account. (Source: India Today)
As a crypto investor, I’ve learned that recently, it was disclosed that Liminal Custody, responsible for managing the exchange’s multi-signature wallets, hindered the ongoing investigation by withholding essential information. In their defense during the probe, they asserted that there were inaccuracies in the data related to the wallets.
WazirX has asked all domestic and foreign cryptocurrency exchanges to halt transactions linked to the stolen funds’ wallet addresses. Meanwhile, authorities have confiscated three computers from Zanmai Labs for investigation into potential unauthorized entry. Preliminary findings indicate no signs of unauthorized access, but a thorough digital forensic analysis is being conducted further.
Indian Investors Locked Out of Bull Market Gains
Indian investors find themselves in disappointment as they’re unable to access their funds on WazirX amid the cryptocurrency bull run. A hack has impeded user activities, preventing them from conducting trades or withdrawing their digital assets. Consequently, numerous investors are losing out on possible earnings that could have been capitalized during this advantageous market period. In response, the exchange has proposed a recovery token strategy to compensate affected users according to their account balance.
Regrettably, we haven’t received any new information about the recent arrest of the individual from Bengal linked to the $230 million hack. Our founder, Nischal Shetty, has yet to comment on this issue, leaving users in the dark as the investigation progresses and the aftermath of the hack continues to unfold.
Simultaneously, it’s said that the hacker laundered the stolen money through Tornado Cash, causing unease among investors. As the authorities look into the hack, many users are questioning when they can retrieve their funds and return to regular transactions.
Amid this turmoil, WRX price has underperformed and currently trades at $0.12. Over the past month, it’s down 5.82%, and 8% in the last 90 days, as the hack impacted users significantly.
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2024-11-14 11:46