WazirX Hack Update: Firm Working With 500 Exchanges And FIU To Recover Funds

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As a seasoned researcher and someone who has closely followed the crypto space for years, I am deeply concerned about the recent $230 million hack at WazirX, India’s largest crypto exchange. The sudden breach of their security measures and the substantial losses incurred have sent shockwaves through the community, raising serious questions about the safety and reliability of such platforms.

WazirX, a cryptocurrency exchange, has taken legal action and initiated other measures in an attempt to recoup stolen digital assets. The firm emphasized its commitment to safeguarding user funds through increased partnerships within the blockchain community. The recent hack against WazirX resulted in over $230 million worth of losses, sparking concerns about the security of crypto firms.

WazirX Files Police Report, Intensifies Investigations 

WazirX has kept its community apprised of the progress made in recovering stolen funds from its platform. On July 19, via X (previously known as Twitter), the team announced that a police report has been filed together with legal action. The community is being kept in the loop throughout this process. Furthermore, the incident has been reported to the Financial Intelligence Unit (FIU) and CERT-In.

Based on my extensive experience in cybersecurity incident response, I would recommend the following: We have taken swift action in reporting this incident to both the Financial Intelligence Unit (FIU) and CERT-In. Furthermore, we are actively engaging with over 500 cryptocurrency exchanges to block the identified suspicious addresses. Many exchanges have already shown cooperation in our efforts, and we are working closely with them to provide additional resources to enhance our recovery process.

The community praised our endeavors to cooperate with more than 500 crypto exchanges, assuring that suspects would transfer stolen assets to multiple on-chain platforms. Additionally, WazirX reaffirmed its dedication to recovering the stolen assets and conducting a thorough analysis of the incident. This involves working with forensic experts and law enforcement to carry out comprehensive investigations.

Following the cyber attack, we’ve reported the incident to the police and are exploring further legal options. Keep an eye on our updates for more information as we move forward.

Based on my extensive experience in cybersecurity, I believe that reporting an incident to both the Financial Intelligence Unit (FIU) and CERT-In is a crucial step to take when dealing with potential cyber threats. In my career, I have seen firsthand how important it is to act swiftly and effectively in these situations. The FIU helps prevent financial crimes by analyzing suspicious transactions, while CERT-In plays a vital role in handling and resolving cybersecurity incidents. By contacting them, you’re taking a proactive approach to protect your organization and potentially mitigate the impact of any potential damage.

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 19, 2024

As a crypto investor, I can understand why these measures are being taken, but I’m still taken aback by the extent of the losses that have occurred. These setbacks have the potential to dampen the confidence of institutional investors and further impact the market sentiment.

An Unfortunate $230M Hack 

India’s leading cryptocurrency exchange experienced a shocking $230 million theft as a result of a security incident on their platform, leaving the crypto community in disbelief. In response, the company suspended both crypto and rupee withdrawals. Preliminary findings suggest that the breach may have originated from a compromised multisig wallet. Further investigations have uncovered an additional two manipulated smart contracts, with further probing ongoing.

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2024-07-19 16:14