WazirX Transfers Remaining Assets—What This Means for Investors
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Having lost $230 million in a recent hack, WazirX said it has redistributed the rest of its balances to new multisig wallets
The breach exploited flaws in Liminal Custody services, forcing WazirX to sever its connection with the custodian and transfer funds to safer wallets.
Participants complained that even if WazirX is transparent with their funds and has established these measures to safeguard them, many investors want their money back ASAP.
WazirX, a cryptocurrency exchange based in India, is beginning to tighten up security for its clients after its recent attack. As a result of the attack, the assets were migrated from Liminal Custody to fresh multisig wallets belonging to the exchange. This followed the cybercrime on July 18, where around $230 million worth of digital currencies were stolen.
WazirX revealed that the cyber-attack on July 18 targeted a multi-signature wallet that held most of the company’s funds for its investors. The wallet was under the control of four decision-makers—three from WazirX and one from Liminal Custody.
While WazirX’s internal systems were not breached, as reported by the exchange, the attack exploited vulnerabilities in the custodian’s technology. This breach led to the loss of approximately 44.6% of the wallet balance’s value and caused significant concern among investors who had entrusted their funds to what they perceived as an insecure platform.
