As a seasoned researcher who has navigated through the intricacies of the digital asset market for years, I find myself both troubled and amused by the latest developments surrounding WazirX and the $230 million hack. The revelations made by Liminal have brought some much-needed clarity to a situation that had left many users in limbo for months. However, it seems that the saga is far from over, with accusations flying left and right and assets still stranded.
Latest on WazirX Hack: In a significant development, Liminal, a digital asset custody platform, has shed light on the July hack of Indian cryptocurrency exchange WazirX involving $230 million, which has caused a stir worldwide. On a recent Tuesday, Liminal provided clarification regarding its involvement in WazirX’s recent disclosure of approximately 240K wallet addresses in a Singapore court, an action that has faced strong criticism from market participants.
Simultaneously, the custodian is alleging that the Indian exchange misrepresented information during the process of returning user funds. This allegation has sparked significant worry among the platform’s massive user community, as 34% of their assets are still stuck post-attack.
WazirX Hack Update: Liminal Clears Air Amid Indian Exchange’s 240K Wallet Revelation
According to a statement from Liminal on October 22nd, they have disclosed details about the WazirX hack incident. In a recent update, they’ve explained that they thoroughly examined the list of approximately 240,000 digital wallet addresses provided by WazirX to the court in Singapore. They noted that most of these addresses are active or “hot” wallets, while a smaller number are “warm” or “cold” wallets that were overseen using Liminal’s system infrastructure.
For a number of days and months following the exploitation incident, these few wallets contained funds valued at approximately $300 million for several days and about $177 million for several months. According to the statement, the Indian exchange attributed the blame to the custodian and made public statements on August 14, asserting that they had ended their contract with the custodian following the hack. However, a more recent announcement has shown that this claim may not be accurate, as WazirX still held over $175 Million in assets on the custodian’s platform even 75 days after the attack.
Furthermore, the custodian asserts that contrary to what the Indian exchange states, around $50 million of user funds are still being held in wallets linked to their infrastructure up until now. In response to media and authority inquiries, they have explained this stance openly. This action taken by the custodian provides new perspectives regarding the WazirX hack incident.
Crypto Hacks Raise Concerns Across The Sector
In parallel developments, Ashish Singhal, one of the founders of the Indian cryptocurrency platform CoinSwitch, has accused WazirX of moving user assets valued at approximately $75 million to international exchanges like Bybit and KuCoin following their recent security update. Singhal claims that these funds were moved without notifying users. Furthermore, he highlighted a significant movement in the exchange’s wallet as a sign of widespread unease within the community.
In a separate account, Radiant Capital suffered a hack, leading to a loss of approximately $50 million in USDC, WBNB, and ETH. Currently, the DeFi initiative is collaborating with American authorities in an attempt to retrieve the stolen assets.
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2024-10-22 16:49