Indian cryptocurrency exchange WazirX has experienced a security breach resulting in the suspicious transfer of nearly $235 million. The exchange acknowledged the breach on X (formerly Twitter) indicating that one of their multisig wallets was hacked. WazirX is investigating the issue and has suspended all crypto and rupee deposits and withdrawals.
WazirX did not specify the exact amount of cryptocurrency affected, but an earlier tweet from blockchain security firm Cyvers reported that $234.9 million had been moved to a new address. This address, funded by the coin mixer Tornado Cash, saw assets like PEPE, GALA, and USDT swapped to Ethereum (ETH), according to Cyvers.
Detailed Investigation Underway
The exchange felt it was important to notify the users that it was actively trying to fix the problem and improve security. This is massively concerning for WazirX as the large amounts and effects on the company's reputation are dire. The use of Tornado Cash, which maintains the transactions' anonymity, complicates the effort to highlight the stolen assets' trail.
This is not the first time a hack has been reported among cryptocurrency companies, indicating a concerning trend in the sector. Large-scale exchange hacks have become more rampant, which leaves a lot of doubt regarding the measures taken to ensure virtual currency security. The WazirX hack shows that even highly technical exchanges and companies might not have impregnable security and that constant vigilance is needed to avoid such attacks.
The decision made by the exchange to stop withdrawals is to prevent the users from losing more money in the future. However, this has caused some inconveniences and concerns to the users who use WazirX to trade in their investments. The exchange asked for calm and encouraged users to remain patient as they stabilized and investigated the matter.
The Bitcoin community has expressed a combination of fear and displeasure, and many customers are requesting greater transparency and responsibility from exchanges to safeguard their assets. This hack shows the industry's persistent issues in ensuring user security and trust.

Finally, the WazirX security breach involving roughly $235 million serves as a sobering reminder of the cryptocurrency sector's vulnerabilities. As the exchange tries to address the issue and prevent similar accidents, the rest of the industry must also pay attention and strengthen its security measures to protect digital assets. Both users and industry experts will closely monitor the findings of WazirX since they might have far-reaching ramifications for the future of cryptocurrency exchange security.
The post "WazirX Faces Security Breach as $235 Million in Funds Moved Suspiciously" first appeared on 36crypto.com News.
#WAZRIX #WazirXHacked #Mt_Gox_BTC_Dip #ETH_ETF_Approval_23July

WazirX has announced an ambitious $23 million bounty program to recover assets stolen during a recent cyberattack. This drive, envisioned by co-founder Nischal Shetty, aims to mobilize communities worldwide for monitoring, freezing, and, in the end, recovering stolen money.
Reportedly, the attack was rather specific, aimed at one of the WazirX multisig wallets, and caused the loss of $230 million. In response to this increased threat, WazirX has developed the bounty program into two segments optimized for asset recovery.
The first component, "Track & Freeze," provides bonuses of up to $10,000 worth of USDT for giving information to freeze the stolen funds. This incentive is precisely positioned to motivate those who have essential information to report to the authorities, enabling the responsible agencies to freeze the funds.
The second component, referred to as "White Hat Recovery," is particularly notable for providing a 10% reward of the recovered amount, up to a staggering $23 million, for ethical hackers and cybersecurity experts who play a pivotal role in the recovery process. Such a massive reward also underlines WazirX's sound commitment to the involvement of the white hat specialists in tackling the breach effectively and helping recover the stolen value.
Global Community Involvement and Strategic Measures
Nischal Shetty highlighted the global community's significant need for this elaborate restoration exercise, declaring on social network X that the bounty program is intended to elicit worldwide participation. Furthermore, the company that has contributed significantly to the security of WazirX has also highlighted that its platform was not breached during the attack, with Liminal pointing out that it was not hacked. They got hold of the transactions, and their forensic report indicates they came from infected computers within the firm.
Besides initiating the bounty program, WazirX has adopted several measures to meet the breach: The exchange has made a comprehensive police complaint through legal authorities and reported the matter to FIU and CERT-In of India. In addition, WazirX has taken the initiative of engaging over 500 exchanges to prevent the culprits behind the heist from selling or transferring the identified addresses linked to the stolen funds.
This bounty program covers all the forms of bounty in total, and it is planned to last for the first three months starting from the day the announcement is made. Still, WazirX may prolong or shorten this time as needed due to the circumstances and the program's efficiency. Besides recovering the stolen assets, WazirX wants to make a point for the whole crypto community and solicit the help of the community and ethical hackers while encouraging moral values.
Ultimately, WazirX's $23 million bounty program represents a significant and multifaceted approach to addressing and recovering from a major cyberattack. The widespread coverage of the initiative within the global audience, along with targeted cooperation with cybersecurity specialists, demonstrates the exchange's constant dedication to protecting its users and the rest of the cryptocurrency community from the threats thrown at them while simultaneously working to build the stability and security of the digital financial system.
The post "WazirX Launches $23 Million Bounty Program to Recover Stolen Crypto Assets" first appeared on 36crypto.com News.
#WazirXHacked #Biden_Out_BTC_Up #ETH_ETFs_Approval_Predictions #WazirXIndia

The recent hack of WazirX has sent shockwaves through the cryptocurrency community, prompting numerous questions about the exchange's future and its users' funds. This article delves into the critical updates surrounding the hack, the company's response, and what it means for users and stakeholders alike. As we explore the details, we aim to provide clarity on a situation that has left many feeling uncertain.

WazirX's Moratorium Affidavit Filing
WazirX has recently filed a moratorium affidavit in a Singapore court, marking a significant step in their legal strategy post-hack. This filing is designed to protect the company from legal actions while they work on solutions for affected users.

The affidavit, which spans 52 pages, was communicated to users via email rather than being made publicly accessible. This approach raises questions about transparency, but it reflects WazirX's intention to keep its users informed during this tumultuous period.

Understanding WazirX's Shareholding Structure
The shareholding pattern of WazirX has often been a source of confusion. The exchange operates under a Singapore-based entity, Zaita, which holds a significant stake in the Indian entity, Janma Labs. This complex structure may complicate legal proceedings and user recourse options.

According to the affidavit, Nischal Shetty, the CEO, holds a minority share. The majority is held by Zaita, which raises questions about accountability and user trust in the management of funds.
The Six-Month Request
WazirX has requested a six-month period to devise a plan for addressing user withdrawals and recovering hacked funds. This request is crucial for protecting the company from legal claims and allows them time to strategize on fund recovery and user compensation.
During this timeframe, WazirX aims to negotiate with stakeholders and explore various options for user reimbursements, which could significantly impact how users view the exchange's reliability.
User Activity and Engagement
As of now, WazirX boasts approximately 16 million registered users, with about 4.4 million actively holding balances on the platform. This discrepancy highlights the vast number of users who may be affected by the hack, emphasizing the need for clarity and communication from WazirX.
The Binance Connection
WazirX has a historical connection with Binance, which played a crucial role in its operations. However, the relationship has soured in recent months, particularly after legal troubles arose surrounding money laundering allegations involving Chinese loan applications.
Binance's decision to back out of its dealings with WazirX has left the exchange in a precarious position, further complicating the recovery of funds and the trust users have in the platform.
Hacker's Identity and Amount Stolen
As investigations continue, the identity of the hacker remains unknown. Initial reports suggested that approximately $234 million worth of cryptocurrency was stolen during the hack, a staggering figure that underscores the severity of the breach.
WazirX has since stopped all withdrawals and trading activities, but users remain anxious about the fate of their assets. The breakdown of stolen assets is critical for understanding the full impact of the hack.
Remaining Crypto Breakdown
Following the hack, WazirX has provided a detailed breakdown of the remaining crypto assets. Current holdings include substantial amounts of Bitcoin and Dogecoin, among others. This information is essential for users as it offers insight into what assets may be available for future recovery efforts.
Legal and Financial Implications
WazirX has set aside around 100 crore from user funds specifically for legal expenses related to the hack. This proactive approach aims to ensure that the company can navigate the legal landscape effectively while attempting to recover lost funds.
Illiquid Assets and Total Asset Breakdown
WazirX has also disclosed that it holds illiquid assets, valued at around 17 million dollars, which are currently frozen by Binance. This situation poses additional challenges for the exchange, as these assets cannot be utilized for immediate recovery efforts.

Before the hack, the total assets held by WazirX were approximately $570 million, a figure that highlights the scale of the operations and the potential impact on users' investments.
Legal Notices and Community Concerns
Since the hack, WazirX has faced four legal notices, indicating growing unrest among users and stakeholders. One notable case involves CoinSwitch, which has filed a legal notice against WazirX, raising concerns over fund management and user trust.
The community's concerns are valid, especially given the opaque nature of WazirX's operations and the lack of clear communication regarding the recovery process. Users are understandably anxious about the safety of their funds and the company's ability to recover from this crisis.
Investment and Recovery Strategies
In response to the crisis, WazirX is actively exploring investment opportunities and partnerships to recover from the hack. The company is optimistic about finding solutions that will enable them to compensate affected users and restore trust.
Open communication with stakeholders is crucial during this period, as it will help bridge the gap between user expectations and the realities of recovery efforts.
Singapore Scheme of Arrangement Steps
The Singapore scheme of arrangement is a critical legal framework that WazirX is utilizing to navigate its recovery efforts. This process involves several steps, including notifying creditors and seeking their approval for proposed recovery strategies.
Ultimately, the success of this scheme will depend on user support and the ability of WazirX to present a viable plan for fund distribution and recovery.
Looking Ahead: Community and User Trust
The aftermath of the WazirX hack presents a unique opportunity for the exchange to rebuild its reputation. However, this will require transparency, accountability, and a commitment to user safety.
As the situation unfolds, users must remain vigilant and informed about their rights and options. The importance of self-custody cannot be overstated, as relying solely on exchanges can lead to significant risks.
Conclusion
The WazirX hack has undoubtedly shaken the cryptocurrency community, raising critical questions about trust, security, and accountability in digital asset management. As the exchange navigates its recovery efforts, users must stay informed and proactive about their investments.
In a rapidly evolving landscape, understanding the implications of such incidents is essential for safeguarding one's assets. The journey ahead will require patience, vigilance, and a commitment to transparency from all parties involved.

#wazirX #WazirXHack #WazirxUpdate #WazirXHacked

Massive Hack Hits WazirX
WazirX, a leading cryptocurrency exchange in India, suffered a major security breach, resulting in the theft of $230 million in digital assets.
Key Details of the Breach:
- Largest Loss: Shiba Inu (SHIB) with 5.43 trillion tokens stolen, valued at $102 million.
- Other Stolen Assets:
- 15,298 Ethereum (ETH) worth $52.5 million
- 20.5 million Polygon (MATIC) worth $11.24 million
- 640.27 billion Pepe (PEPE) worth $7.6 million
- 5.79 million Tether (USDT)
- 135 million Gala (GALA) worth $3.5 million

Exchange Response:
- Paused withdrawals of cryptocurrencies and Indian rupees.
- The hacker has begun selling the stolen SHIB.
Market Concerns:
- The hack raises alarms in the cryptocurrency community, impacting recovery efforts led by Bitcoin (BTC).
AI Predictions for SHIB Price by August 1
Scenarios Outlined by AI:
1. Bearish Outcome:
- Erosion of investor confidence could lead to a sell-off.
- Price could drop to around $0.000015 or lower.
2. Neutral Outcome:
- If security measures improve, the price might stabilize around $0.000017.
3. Bullish Outcome:
- Positive market trends or strong buying interest could push the price to around $0.000020 or higher.

Additional Factors Influencing SHIB:
- Market Dynamics: Broader trends, regulatory news, and macroeconomic factors.
- Community Initiatives: Increased burning activity to mitigate fallout. Shibburn reported an 874.74% surge in the burning rate on July 18.
Current SHIB Price Analysis:
- Price at Press Time: $0.00001735, with a 24-hour loss of over 10%.
- Weekly Performance: Up over 4%.

- Key Levels to Monitor:
- Resistance at $0.000018.
- Support at $0.0000170; losing this could heighten bearish sentiments.
Conclusion
The cryptocurrency community is closely watching SHIB’s response to the hack, with various potential outcomes depending on market reactions and developments.

#SHIB، #GalaFundamentals #wazirX #writetoearn #WazirXHacked $SHIB