Insights into Recent Cryptocurrency Exchange Hack 🕵️♂️
Recently, a massive hack targeted WazirX, one of India’s leading cryptocurrency exchanges, resulting in a loss of $235 million. Liminal Custody, a key player in the crypto space, has released a detailed report shedding light on this incident. The report clearly states that while WazirX’s devices were compromised, Liminal’s platform remained secure throughout the attack.
Understanding the Hack: Key Findings from Liminal’s Report 🕵️♂️
1. Devices Vulnerability
- Liminal’s investigation pinpointed three WazirX devices as the entry point for hackers.
- These compromised devices served as the weak link that allowed unauthorized access to the wallet.
2. Signature Exploits
- Various signature exploits were utilized by hackers to approve transactions:
- Hackers manipulated a GALA protocol transaction by altering the data, leading to the first exploit.
- Another exploit involved jeopardizing a GALA transaction executed by Keystone, indicating multiple devices’ involvement.
- A third exploit enabled attackers to obtain the necessary signature for approving a legitimate USDT transaction.
3. Final Exploit
- Upon acquiring all required signatures, the hackers executed the final transaction, transferring the funds to their control.
- The coordinated and sophisticated nature of these attacks showcased a high level of automation and planning.
The report affirms that Liminal’s infrastructure remained intact during the breach, underscoring its commitment to security. While Gnosis SAFE wallets are also employed on WazirX, clients using Liminal’s platform can rest assured of the safety of their wallets. Liminal continues to operate smoothly, ensuring hassle-free transactions and account withdrawals for its users.
WazirX has taken swift action by filing a police complaint and initiating legal proceedings against the cybercriminals. They have reported the incident to relevant authorities such as the Financial Intelligence Unit (FIU) and CERT-In and have collaborated with over 500 exchanges to block the identified addresses linked to the hack.
Stay Informed: WazirX’s Response to the Incident 🚨
WazirX has actively communicated with the community, emphasizing their focus on transparency and community welfare. By promptly reporting the incident and taking legal measures, WazirX aims to keep its users informed and secure in the aftermath of the attack.
Hot Take: Safeguarding Your Crypto Assets 🔒
As a prudent crypto investor, it’s crucial to prioritize security measures to safeguard your digital assets from potential threats. Stay vigilant, keep abreast of the latest security updates, and choose platforms that prioritize robust security protocols to mitigate risks effectively.
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