WazirX Hack Update: Co-Founder Nischal Shetty Clarifies Misconceptions Amid $230M Loss

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India-based cryptocurrency exchange, wazirx information

was recently in the crosshairs within days of a July 18 hack that saw $230 million siphoned off. Some of the allegations and misconceptions have been debated and corrected by the owner of the exchange while the recovery goes on.

Losses were incurred by the company through a hack on a multi-sig wallet that was hosted by a third-party provider and massive criticisms flooded the crypto community.

Many people criticized WazirX for not noticing the breach for eight days and for holding 50% of the users’ funds in a single wallet; Aditya Singh, an Indian crypto influencer, accused the exchange of negligence.

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