WazirX halts trading amid cyber attack
Asset collateralization impacted
Forensic data review in progress
Security audit underway
Cyber Attack Forces WazirX to Suspend Trading
Indian crypto trading platform WazirX has announced a temporary suspension of its trading activities. The announcement, made via the X platform (formerly known as Twitter), comes in the wake of a cyber attack that has severely impacted the platform’s operations.
Trading Halted Amidst Security Concerns
WazirX’s decision to suspend trading follows a significant cyber attack that compromised its ability to maintain the crucial 1:1 asset collateralization. This collateralization is fundamental to the platform’s promise of backing all user assets with equivalent reserves. The breach has raised serious security concerns, prompting WazirX to take immediate action to protect its users and their assets.
The platform is currently undergoing a thorough forensic data review to assess the full extent of the breach. This process is essential to ensure that all vulnerabilities are identified and addressed before trading can safely resume. In tandem with this review, a comprehensive security audit is also underway. This audit aims to fortify WazirX’s defenses against future attacks and restore confidence among its user base.
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