After India's largest cryptocurrency exchange WazirX was attacked by North Korean hackers in July this year, in order to restructure the debt of its parent company Zettai Pte Ltd, it submitted an affidavit to the Singapore High Court and relevant creditors, including approximately 240,000 wallet addresses. and asset balances and other related information.
Suffering heavy losses from North Korean hackers, WazirX actively responds
Previous North Korean hacking incidents cost WazirX $235 million in cryptocurrencies including Shiba Inu (SHIB), Ethereum (ETH), and Polygon (MATIC), accounting for half of WazirX’s total holding value. Following the incident, WazirX issued an emergency freeze on all cryptocurrency and Indian rupee withdrawals, affecting 45% of user funds.
(Tens of millions of users share the responsibility? WazirX exchange was hacked: users can only "choose one of the cruel")
Disclose the number of 240,000 wallets and implement the principle of transparency
WazirX users may initially expect that the number of wallets managed by WazirX is not large, ranging from ten to hundreds, but in fact the number of wallets WazirX has disclosed this time is approximately 240,000. For such a large number of wallets, it may surprise many people. However, WazirX stated that as an exchange with approximately 4.3 million users, it is normal to handle hundreds of thousands of wallets. The purpose of disclosing this information is to prove that WazirX is quite transparent.
Continue to scan and integrate user assets, and introduce PoR in the future to strengthen trust.
WazirX stated that users may have several wallet addresses on WazirX that they use to receive cryptocurrency deposits. These wallets are not fixed single wallets, but are configured according to the needs of the exchange. When a user transfers cryptocurrency to their WazirX account, the funds first go to a "deposit address." These funds are then regularly scanned for token balances from deposit addresses to cold, warm, and hot wallets based on specific criteria to facilitate WazirX’s centralized management of funds and transaction services.
At present, WazirX has completed the cleanup and integration of token balances for most "deposit wallet addresses", leaving only about 240,000 wallets with token balances. The remaining wallet assets are in the process of being integrated into WazirX. WazirX stated that in order to reduce network fees and ensure asset security, they have adopted a "slow and steady" approach and will introduce Proof of Asset Reserve (PoR) in the future to further strengthen users' trust in WazirX.
This article: After WazirX was hacked for US$235 million, 240,000 wallet addresses were disclosed and debt restructuring was implemented. First appeared on Chain News ABMedia.
