Resuming INR Withdrawals on Wazirx Following Cyberattack
Indian cryptocurrency exchange Wazirx disclosed plans on August 23 to gradually resume the withdrawal of INR, starting on August 26, after experiencing a significant cyberattack earlier this year. The attack resulted in a theft of over $230 million, leading to the suspension of both cryptocurrency and INR withdrawals on the platform.
- Withdrawals and trading were halted initially to mitigate the impact of the attack.
- WazirX has decided to implement a Singapore Scheme of Arrangement in response to the cyberattack to ensure a fair distribution of remaining cryptocurrency assets.
The exchange emphasized the necessity for this legal process to maintain compliance and involve users in the distribution process. Wazirx made it known that a substantial balance of ERC-20 tokens had been lost, making it unable to meet all cryptocurrency liabilities. To ensure fairness, the exchange intends to pursue a Scheme of Arrangement in Singapore, enabling an equitable distribution of cryptocurrency assets through user approval.
Uproar and Demands for Immediate Action
On July 18, a cyberattack on Wazirx resulted in the theft of $234.9 million in cryptocurrency assets, prompting the immediate securing of remaining assets and the temporary halt of withdrawals on the platform. Following the incident, WazirX announced its active investigation to provide updates as the situation unfolded.
- Users demand immediate action in response to concerns about the aftermath of the cyberattack.
- Web3 security firm Cyvers detected the suspicious transactions that led to the breach originating from WazirX’s Safe Multisig wallet on Ethereum.
Efforts to restore user trust and enhance security include plans to publish a list of new wallets after migrating assets. Liminal, a digital asset custody firm, released a report suggesting that compromised WazirX machines contributed to the exploit, increasing the complexity of the situation. WazirX then initiated a transfer of remaining assets held with Liminal to new multi-signature wallets, providing additional security measures.
The ongoing efforts to enhance security and restore user confidence are essential for the sake of the platform and its community. Stay informed and cautious in light of these developments within the crypto space. Remember to prioritize safety and security in all your dealings and engagement within the cryptocurrency market.
Hot Take: Stay Informed and Stay Safe in the Crypto Space
As the cryptocurrency market encounters challenges like cyberattacks and security breaches, it is crucial for users to remain vigilant and prioritize safety. Keep yourself updated on the latest news and developments within the industry to make informed decisions and protect your assets. By staying informed and taking necessary precautions, you can navigate the crypto space securely and confidently.
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