WazirX Granted Four-Month Moratorium After $234M Hack 💥

1/ 🚨 Breaking News:
Indian cryptocurrency exchange WazirX has been granted a four-month conditional moratorium by the Singapore High Court after a devastating hack that resulted in the loss of $234 million, affecting 45% of customer funds.

The Hack
In July 2024, WazirX suffered a massive security breach where the hacker managed to steal millions in crypto. The hacker has nearly completed laundering the funds using Tornado Cash, an infamous tool for obscuring crypto transactions.

3/ 🛡️ WazirX's Response
To protect its customers and creditors, WazirX filed an urgent application for a six-month moratorium, but the court granted four months with strict conditions. This move is seen as an effort to stabilize the exchange and find a path forward.

4/ ⚖️ Court's Conditions
The Singapore court imposed key requirements on WazirX during the moratorium:

Disclose the addresses of its wallets via a court affidavit.
Respond to user queries promptly.
Provide a complete book of accounts within six weeks.
Ensure that any future voting on resolutions is conducted on an independent platform.

5/ 🏛️ Judge's Remarks
The judge acknowledged that WazirX acted in "good faith" by immediately seeking a moratorium. However, she also pushed the exchange to consider releasing details of assets outside the hacked tokens to further assist creditors.

6/ 📉 Impact on Users
Legal representatives of WazirX revealed that customers may not be fully compensated in crypto terms, raising concerns about the overall recovery process. Users are left in uncertainty, wondering if they’ll see a return on their funds.

#wazirX #WazirXHack #HMSTRprediction #BinanceLaunchpoolHMSTR #BTCReboundsAfterFOMC

📰 Latest Crypto News from TDR Times! 📰

What are your thoughts on crypto security after the WazirX hack incident?

WazirX lost approximately $234.9 million from its Safe Multisig wallet on Ethereum.

In response, WazirX paused withdrawals and launched a $23M worth of bounty program to recover the stolen assets.

Apart from this bad news, we have some good news in our bucket as well.

The Chicago Board Options Exchange (CBOE) will begin trading five spot Ethereum ETFs from today. This follows the SEC's approval of the necessary regulatory filings.

You may be wondering what those 5 spot Ethereum ETFs are.

21Shares Core Ethereum ETF
Fidelity Ethereum Fund
Franklin Ethereum ETF
Invesco Galaxy Ethereum ETF
VanEck Ethereum ETF

Following this news, the launch of these Ethereum ETFs is likely to attract significant investment, which could reduce the already limited supply of Ethereum on exchanges, creating a situation where demand outstrips supply and potentially driving up prices.

One more piece of good news is in the lane.

US Bitcoin spot exchange-traded funds (ETFs) have recorded over $17 billion in net inflows, setting a new record.

Leading ETFs:

BlackRock's IBIT: ~$18.96 billion in inflows
Fidelity’s FBTC: ~$9.96 billion in inflows
Grayscale’s GBTC: ~$18.69 billion in outflows

What do you think? Could the success of these ETFs lead to more cryptocurrency-based investment products in the future?

#CryptoNews🚀🔥 #WazirXHack #CryptoSecurity #EthereumETFs BlackRock Fidelity

@WazirXIndia, in light of the recent $235M cyber attack, consider applying for Binance's #SAFU fund thru @Binance Labs, the $1B industry recovery fund initiative. This can safeguard Indian crypto users and restore trust in the industry. #CryptoRecovery #TrustInCrypto #WazirXHack

#WazirXHack Here are some details about the cyber attack on WazirX
- Amount: More than $230 million
- Type of currency: A variety of cryptocurrencies, including SHIB, ETH, MATIC, PEPE and USDT
- Wallet: The funds were stolen from a WazirX multisig wallet, which is a type of wallet that requires two or more private keys to authenticate transactions.

- Suspected hackers: Blockchain sleuth Elliptic believes that the attack was perpetrated by North Korean hackers.

- Date: The attack occurred on July 18, 2024.
- Current status: The stolen funds are being actively sold on the onchain exchange Uniswap.
#BinanceTournament #Babylon_Mainnet_Launch

WazirX has outlined the process for INR withdrawals. Here's what to expect:

Users can withdraw 66% of their INR balance in two stages:

1. **Stage 1 (August 26th - September 8th):** Users can withdraw 50% of the allowed 66%.

2. **Stage 2 (September 9th - September 22nd):** Users can withdraw the remaining amount.

**Example:**

If you have ₹10,000 on WazirX, you can withdraw ₹3,300 by September 8th and another ₹3,300 between September 9th and September 22nd.

#wazirX #WazirXHack #bitcoin

Shocking News: WazirX Hack Linked to North Korea?

A recent report by Elliptic claims the massive $235 million crypto heist from WazirX may be the work of North Korean hackers. This raises serious concerns about cyber security in the crypto space.

While WazirX confirmed a security breach and is investigating, the potential involvement of a state-backed hacking group adds another layer of complexity.

Here are some key takeaways:

* Over $235 million in various cryptocurrencies were stolen.
* Elliptic believes the attack originated from North Korea.
* WazirX has paused withdrawals to ensure remaining assets are safe.

This incident highlights the importance of robust security measures for crypto exchanges. Users should also remain vigilant and practice good crypto hygiene.

What are your thoughts on this news? Share your insights in the comments!

#WazirXHack #NorthKoreaHackers #CryptoSecurity #BlockchainSecurity #CybersecurityAwareness

Indian cryptocurrency exchange WazirX is still reeling from a recent hack that saw attackers steal over $230 million in digital assets. The price of Bitcoin on the exchange briefly dipped by 22% in the wake of the attack, though it has since recovered #wazirx #WazirXHack #bitcoin

follow @CoinRoopMedia for more news

Day 15 #wazirxhack #wazirx

Open Withdrawals Immediately.

Wazirx wanted to know the community feedback. The unanimous customer voice I am seeing on Twitter especially on their exchange handle is to open withdrawals for 55% of the crypto tokens and 100% of INR withdrawals.

It is almost two weeks since the hack. Everyone understands why withdrawals were disabled on 18th July. There was a breach and it is a rational response to close all the systems and do a thorough audit. Wazirx had finished that audit last week and announced their platform is safe and that only the external systems got breached. And 45% of the customer assets were lost.

There is no reason why withdrawals are still disabled after 15days. If crypto prices crash by 30% tomorrow, customers will not even get the 55% that is with Wazirx. Crypto is a 24/7 volatile market. As exchanges we don’t even close on Sundays or Midnight. To not allow access to the available assets is a crime. Many users might have urgent needs.

It is completely understandable you are working in parallel on the recovery to reduce the 45% gap. This is going to take time and the recovery may be in parts.

But these polls, feedback forms are delaying the customer access to their funds. They are saying they want to do the will of the community but they are ignoring the number 1 request. OPEN YOUR WITHDRAWALS FOR THE 55% of ASSET BALANCE.

#wazirX #WazirXHack #WazirXIndia

Wazirx Hack Update :

👋 tribe! Here's an update on what we're actively working on:

» We are nearing the completion of restoring the balances for trades that happened between 18 and 21 July. This will undo all trades carried out on the WazirX platform following the stoppage of withdrawals on 18 July 2024, at 1 PM IST.

» We're working with legal experts to help us formulate an effective method for enabling withdrawals.

» For our Bounty Program, we've received entries from 344 bounty hunters, including security professionals and ethical hackers, who are actively pursuing the trail of the stolen funds.

» We are in touch with multiple partners to explore all possible solutions to mitigate the financial impact of the cyberattack. Currently, we are in discussions with seven partners and making steady progress.

Thank you for your continued patience and support 🙏

This Is Official Message From Wazirx Team.

#WazirXHack #WazirXIndia #WazirXHacked #wazirX #wazirX

WAZIRX SHARING BLAMES INSTEAD OF
USER REFUNDS🚨‼️

Nischal the founder of WazirX has said Liminal chose to blame WazirX for the hack without any proof.

So In order to find out whose fault it is, WazirX brought Mandiant, a Google subsidiary, to investigate & analyze all three laptops that were involved during the signing process.

Apparently, there has been NO compromise on WazirX side.

Still, this does not explain what will happen to funds of Users.

#WazirXIndia brought forward a refund withdrawal system yet, nothing has been done.

People are tired of stories, They need their money back!

#wazirxindia #WazirXHack

Indian crypto exchange has been hacked 2 days back, wazirX the crypto price is sinking, keep an eye as soon as it gets resolved it will rise up a bit for sure. Good oppurtunity to make some fast gains. #WAZRIX #WazirXIndia #WazirXHack #india_crypto #IndiaCryptoBan $WRX

Wazirx changed User Balance snapshot date from 21.07.2024 to the day of the hack 18.07.2024 - 1 PM IST.

#wazirX #WazirXHack

#WazirXHack There is a possibility that WazirX may recover the stolen funds
WazirX has stated that they are actively investigating the incident and have blocked a few deposits, and they are in touch with the best resources to help them recover the funds ¹. Additionally, crypto sleuth ZachXBT has claimed a bounty after submitting evidence of the KYC-deposit address used by the hacker, which could help in the recovery of the stolen funds ³. However, the hacker has already started selling off the stolen funds, which may reduce the chances of recovery.

🚨 WazirX Under Fire After $230 Million Hack 🚨

WazirXIndia crypto exchange in India, is in trouble after a major security breach.

Here's what happened:

🔰 Recovery Plan:
1⃣ #WazirX introduced a "55/45" plan.
2⃣ Users can access 55% of their assets and trade them, while the other 45% will be converted to $USDT and locked, even for users whose assets weren't stolen.

🔰 Security Breach:
1⃣ A security issue caused the loss of 45% of WazirX's assets, worth $230 million.
2⃣ Withdrawals and trading were stopped after the hack.

🔰 Next Steps:
1⃣ CEO Nischal Shetty is talking to major global exchanges for support and may sell the platform.

🔰 Community Reaction:
1⃣ The recovery plan upset many users, who shared their concerns in a week-long poll.
2⃣ WazirX is rethinking its strategy due to the backlash.

🔰 Key Point:
This situation shows the risks of using centralized exchanges (CEX) and the importance of securing your assets.

🔑 NOT YOUR KEYS, NOT YOUR CRYPTOS

Stay informed and protect your assets.

#WazirXHack #CryptoNews $WRX #bitcoin #BTC $BTC $ETH

$WRX WHEN KARMA HITS YOU HARD 🚫

WAZIRX & PARTNERS FACE NCLT PETITION (Litigation) OVER $230M CRYPTO THEFT.

Not a cyber attack, rather a crypto theft - This is what Gauransh Vyas mentioned when he filed the petition against WazirX and its partners including Liminal.

@Thecryptoanatomy is the first to bring this breaking news update, so please don't forget to follow us, like and share this post.

📰 The petition, filed on August 5 in Indore, invokes Section 213(b) and Sec. 221 of the Companies Act, 2013. Sec. 213(b) allows any person to seek an investigation into a company's affairs if there are reasons to believe in mismanagement, malpractices, or fraudulent activities.

Under Sec. 221, the petitioner can request to freeze the company's assets following an inquiry and investigation.

“Emails have been sent to all the respondents notifying the same,” a source privy to the developments said.

Apart from WazirX, Liminal and its directors & founders, the respondents in the petition also included the Ministry of Home Affairs through principal secretary, Ministry of Finance through principal secretary, and Ministry of Corporate Affairs through principal secretary, and serious fraud investigation office.

The case was filed by a lawyer named Gauransh Vyas from Indore, as per the details available on the NCLT website. According to his LinkedIn profile, he is an associate practicing in the Supreme Court of India.

A WazirX spokesperson said, “We are aware of the petition filed against us before the NCLT, Indore and we are taking necessary legal action. We strongly deny any and all allegations of fraud. Since it is an ongoing legal proceeding, we cannot discuss the details of the petition.

“We will respond as per the prescribed procedure under law before the NCLT. The NCLT will decide the weight of the petition on legal grounds,” the spokesperson added.

Liminal didn't respond to the media queries at the time of publishing. Any comments from the company will be updated to reflect in the article later.

#WazirXHack

🚨Shocking news from India's crypto scene! A recent $230 million hack at WazirX has left users reeling. The incident has sparked intense scrutiny of security practices and conversations around securing digital assets in a risky environment.

Users are rightfully concerned about the vulnerability of exchanges to fraudsters. It's scary how easily hackers can manipulate platforms. T

his incident is a wake-up call for the crypto community to prioritize security. Remember, every piece of information counts. Stay vigilant!

Make sure to always diversify your portfolio and keep it safe. Thank you! #CryptoNewss #india_crypto #wazirX #WazirXHack #WazirXHacked

🚨💰 WazirX India Hack: Will Customers Recover Their Crypto? 🤔

A recent hack has compromised WazirX, a popular Indian cryptocurrency exchange, leaving customers worried about their assets. The incident has raised concerns about the security of cryptocurrency platforms and the recovery of stolen assets.

The hack resulted in the loss of an undisclosed amount of cryptocurrency, leaving users uncertain about their funds. WazirX has assured customers that they are working to resolve the issue and recover the stolen assets.

However, the chances of recovery remain slim, and customers are advised to take precautions to secure their accounts. The incident serves as a reminder of the risks associated with cryptocurrency trading and the importance of robust security measures.

Stay updated on the latest developments and expert opinions on the WazirX hack and its implications for the cryptocurrency community.

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Let's keep the conversation going! 💬
#wazirX #WazirXHack #Bitcoin_Coneference_2024 #KaleemsCryptoMehfilKCM #MtGoxJulyRepayments

WazirX has received 133 entries for its Bounty Program and is currently reviewing them. Join wazirx in supporting the crypto community and register now. A $23 million bounty is available for solutions that effectively lead to a resolution.

#wazirX
#Wrx
#WazirXHack

$WRX Wazirx Is Betraying It's Users 📢

⚠️ To all my Indian investor brothers and sisters, please pay attention to this and share as much as possible.
🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫🚫

While their insiders orchestrated the biggest crypto heist of 2024, WazirX started playing the blame game as usual which they did with Binance 2 years ago.

This time Liminal is at the receiving end and being the final approver they have already cleared their stance regarding the hack. Now WazirX officials especially that useless Shetty is ignoring some serious questions raised by users and renowned crypto influencers on X.

A good for nothing poll has been started which offers the most bogus plan ever for the withdrawal of customer funds. In short they've given two options for users and one of them concludes with a 55/45 plan. Users can view this poll and entire details on their trading app as well as on the website and opt for the withdrawal process as per their convenience.

Now, this poll says something like this "We are implementing a socialized loss strategy to distribute the impact equitably among all users." Also this poll will last for 7 days. One entire week for what?

They are responsible for the hack, still there is no certainty about the recovery of assets, people have lost their hard earned money and many are thinking of ending their lives.

And they want us, the people to share this loss equally so that they can take the escape route in a much easier way 😡 Had it been the US, all the officials would have been under investigation by now.

So it is my humble request to BOYCOTT WazirX once you get all your funds back and transfer them to Binance or any other trustworthy centralised exchange or just store them in a hardware wallet. Don't even think of using WazirX ever, not even in your wildest dreams.

Also prior to this act, it's my humble appeal to all my fellow Indian investors to lodge a FIR against Nishchay Shetty and take legal action against other WazirX officials.

Enough is enough.

#WazirXHack #wazirX