WazirX Recovery Efforts Intensify Post $230 Million Hack

WazirX, one of India’s biggest cryptocurrency exchanges, is making headlines after a $230 million cyber attack. The platform is focused on recovering the stolen funds and improving security to prevent future incidents.

Here’s all that has happened since.

Jumping Into Action

After the attack on its multi-sig wallet, WazirX has been working with affected projects to return the stolen tokens. The team is also trying to resume withdrawals, deposits, and trading. So far, they’ve received 133 submissions for their recovery efforts, which are part of an ongoing $23 million bounty program.

The Value of Partnerships

Nischal Shetty, WazirX’s owner, has shared updates on their recovery work. He and his team are seeking partnerships to address the issue and restore platform functions. Shetty is focused on finding solutions to enable deposits, withdrawals, and trading as soon as possible.

Shetty also mentioned that WazirX is working with the police to find and arrest those behind the attack. He clarified that the $230 million loss is limited to digital wallet balances, with INR balances remaining unaffected.

The Platform Stays Intact

It’s important to note that the WazirX app was not hacked. The attackers targeted a multi-sig wallet managed externally through a Liminal custody solution, not the app itself.

In a recent statement, the WazirX team assured users of their commitment to safety:

”Regarding the cyber attack theft the 1:1 collaterals with assets wherein we have been kept temporarily halted due to our temporary trading suspension. The forensic data examination and security audit are in process and we are planning to enable the withdrawals shortly.”

As WazirX works on both immediate and long-term solutions, users are staying positive about the platform’s recovery and future stability.