#BinanceLaunchpoolDOGS Users Demand Immediate Action as Exchange Struggles with Aftermath
On July 18, WazirX experienced a significant security breach, leading to the theft of $234.9 million in cryptocurrency assets. The hack was first detected by Web3 security firm Cyvers, which noticed multiple suspicious transactions originating from WazirX’s Safe Multisig wallet on Ethereum.
The breach prompted WazirX to take immediate action, including securing the remaining assets and temporarily pausing cryptocurrency and Indian rupee withdrawals on the platform.
In response to the attack, WazirX announced on X that it was “actively investigating the incident” and would provide updates as the situation evolved. The exchange has since focused on restoring user trust and enhancing its security measures, with plans to publish a list of new wallets after completing asset migration.
Liminal, a digital asset custody firm, released a report suggesting that compromised WazirX machines might have caused the exploit, adding further complexity to the situation.
On August 14, WazirX announced that it was migrating the remaining assets held with Liminal to new multi-signature (multisig) wallets requiring multiple signatures for transaction validation.
Amid these security efforts, the hacker responsible for the breach converted nearly $150 million of altcoins into Ether, likely in an attempt to prevent the funds from being frozen or blacklisted.
Following the hack, WazirX conducted scheduled maintenance on August 16, during which they reversed all trades made after the withdrawal stoppage on July 18.
While users can now see their funds in their accounts, the exchange has yet to provide a clear timeline for when withdrawals will be resumed.
This lack of clarity, coupled with WazirX’s initial proposal of a socialistic loss-sharing model of 55/45, has fueled investor frustration and opposition
