Indian Exchange Cancels Open Orders on WazirX Platform
An Indian crypto exchange, WazirX, has taken the step of canceling all outstanding open orders on its platform to address issues surrounding Indian rupee and cryptocurrency balances.
- All open orders currently placed on WazirX will be canceled.
- Any INR and crypto assets blocked in these open orders will be added to respective balances.
WazirX Loses $230M in Hacking Incident
Recently, WazirX faced a major security breach in July, resulting in hackers stealing significant amounts of digital assets from the exchange:
- The breach led to the loss of $102 million worth of Shibu Inu tokens, $52 million in Ethereum, and $11.2 million in Polygon’s native token, Matic, among other cryptocurrencies.
- The cyber attack targeted one of WazirX’s multi-signature wallets that used Liminal’s services for digital asset custody and wallet infrastructure.
- While the connection between the order cancellations and the security breach remains unclear, WazirX is dedicated to resolving all issues.
India Enhances Crypto Forensics Training for Authorities
Last year, India provided training to officials from cybercrime and police departments in cryptocurrency forensics and investigation during the financial year 2022–2023:
- 141 officers were trained under the NCB focusing on darknet investigations, cryptocurrencies, digital footprints, and social media analysis.
- A survey by TRM Labs revealed that 99% of law enforcement requires further training on crypto matters.
- India aimed to achieve global consensus on crypto policies during its G20 presidency in 2023.
Wrap Up
India has been navigating the crypto landscape with recent challenges and developments. WazirX’s security breach and subsequent actions highlight the importance of robust cybersecurity in the crypto industry. Additionally, the country’s efforts to train authorities in crypto forensics signify a proactive approach to tackling crypto-related crimes. As India continues to evolve its stance on cryptocurrencies, global cooperation and consensus-building remain key priorities.
Sources:
1. WazirX Twitter Post
2. WazirX Twitter Page
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