WazirX Hack Update: Exchange Moves Assets To New MultiSig, Withdrawals Next?

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As a long-time crypto investor with a knack for navigating the digital currency landscape, I must admit that the recent WazirX hack has left me a bit uneasy. The prolonged wait for user fund withdrawals following the attack is certainly disheartening, and it’s evident that the exchange and its leadership are feeling the heat.

Update on WazirX hack: Nischal Shetty, head of India’s leading cryptocurrency exchange, has provided an important update following the exploit attack on their platform. Today, the company announced they are moving their remaining assets from a crypto custodian to enhance user security. However, the large number of users are still unable to withdraw their funds, almost a month after the hacking incident occurred.

WazirX Hack: Exchange Migrates Assets From Liminal, Ends Ties With Custodian

According to a statement released by the Indian cryptocurrency exchange on August 14, specifically on X, the company is transferring all its remaining assets from the custodian Liminal to secure multi-signature wallets at this time. This action is crucial for enhancing asset security in response to recent developments, as further explained by the exchange.

Following the WazirX hack, it seems that the exchange has severed its connection with the stated crypto custodian. This move might have been due to concerns arising from the custodian’s system breach on July 18th. The exchange explained, “Although our interface and systems appear unaffected, we cannot confirm the same for the custodian’s interface post the incident.”

At the same time, Nischal Shetty, a co-founder of one of India’s major crypto exchanges, is still receiving criticism from people across the country. This comes after almost a month since a hack that resulted in a loss of $230 million, and the users’ frustration on the platform has led to intense criticism.

Despite moving assets to new multi-signature wallets as mentioned earlier, there are rumors suggesting a possible resolution may be on the horizon. If the cryptocurrency exchange manages to safeguard its funds, we could potentially see withdrawals resume shortly.

While the conversation did offer some clarity, it was made clear that they can’t give a specific deadline for the update, but emphasized their commitment to ensuring the security of crypto assets on their platform above all else. Moreover, WazirX’s native token, WRX, has been moving in sync with broader market fluctuations, fueling additional investor curiosity and speculation.

WRX Coin Market Performance

Currently, the WRX price has surged by 1.16% over the last 24 hours, reaching a value of $0.1347. In this period, its lowest and highest prices were recorded at $0.1321 and $0.137 respectively.

1. The recent WazirX hack has sparked doubts about the future of their token, as indicated by the uneasy mood in the market. A closer look at the cryptocurrency’s monthly chart reveals a drop of 12.67% in value, which seems to coincide with the hacking incident.

In summary, by transferring the rest of its assets to new multi-signature wallets, the Indian cryptocurrency exchange is making a significant step towards fortifying its holdings after the recent cyber attack. This move not only bolsters security but also suggests a potential fix and swift restoration of user access in the coming days.

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2024-08-14 17:20