In a stunning revelation that has sent shockwaves through the cryptocurrency community in India, the popular exchange WazirX has reportedly transferred a whopping $75 million in user funds to international platforms like Bybit and KuCoin without prior consent or notification to its users. 📢

The Backstory

This move comes on the heels of a significant cyber attack in July 2024, where WazirX suffered a loss exceeding $230 million in various cryptocurrencies. Despite the hack, the platform's decision to transfer funds secretly has raised numerous eyebrows and legal questions. 🕵️‍♂️🔍

The Secret Transfer

The transfer was first brought to light by Ashish Singhal, CEO of Coinswitch, through social media, igniting a firestorm of reactions from the crypto community. Users and investors are now questioning the transparency and security measures of WazirX, with many expressing betrayal and concern over their investments. 😠
💔

Community Reaction

Crypto influencers and users on X (formerly known as Twitter) have not held back their shock and dismay. From calls for legal action to outright accusations of mismanagement, the sentiment is clear: trust in WazirX has been severely undermined. Posts range from questioning why arrests haven't been made to sharing personal losses and frustrations.

- "This betrayal will come back to haunt you, @NischalShetty," tweeted @earnwithrk, reflecting a sentiment of betrayal among users.
- @simplykashif posed a crucial question, "Why these funds were sent to other global exchanges is a big question," highlighting the confusion and demand for accountability.

Legal and Financial Implications

Coinswitch, another major player with funds locked in WazirX, has taken legal steps in Singapore to retrieve their assets, indicating the severity of the situation. The formation of a Committee of Creditors (COC) and a moratorium application in Singapore's courts are part of WazirX's restructuring efforts to manage the crisis. However, these steps might be too little too late for the trust of its user base. 📜⚖️

The Bigger Picture

This incident not only puts WazirX under scrutiny but also casts a shadow over the regulatory environment for cryptocurrencies in India. With users feeling unprotected and vulnerable, there's a growing call for more stringent regulations and oversight in the crypto trading space to prevent such occurrences in the future. 🏛️🔒

Looking Ahead

As WazirX navigates through this turmoil, the crypto community watches closely. Will this lead to a reform in how exchanges operate, or will it be another cautionary tale in the volatile world of cryptocurrency? Only time will tell, but for now, the message is loud and clear: transparency and security must be paramount. 🌐🔐

This episode serves as a stark reminder of the risks inherent in digital asset trading and the importance of robust security and ethical management by platforms trusted with user funds. Stay tuned for more updates as this story develops. 📡🔔

#wazirX #WazirxUpdate #WazirXHacked #WazirXIndia #WRX

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

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

On Thursday, July 18, 2024, India's leading crypto exchange, WazirX $WRX , confirmed a major security breach resulting in a loss of over $230 million. The stolen tokens include a variety of cryptocurrencies such as $SHIB , $ETH, $MATIC, $PEPE , $USDT, and $GALA. Here is a breakdown of the estimated losses:
5.43 trillion $SHIB worth $102 million15,298 $ETH worth $52.5 million20.5 million $MATIC worth $11.24 million640.27 billion worth $7.6 million5.79 million $USDT135 million $GALA worth $3.5 million
In response to the breach, WazirX has temporarily suspended withdrawals of both Indian Rupees (INR) and cryptocurrencies to protect user funds while they investigate the incident.
According to data from Lookonchain, the hacker, operating under the wallet address "0x04b2," has already started selling off the stolen assets, including 640.27 billion $PEPE worth $7.6 million and 35B SHIB ($618K) and currently holds 5.4T SHIB $95.45M).

Arkham Intelligence Announced Bounty Program
To help track down the hacker, Arkham Intelligence has announced a bounty program called "New Intel Exchange Bounty: $235M WazirX Hack."

Source: Arkham

This program offers rewards for:
Identifying a Know Your Customer (KYC) centralized exchange depositRevealing the identity of the hackerSuccessfully recovering the stolen funds

All information submitted will be shared with the WazirX team to assist in their investigation and recovery efforts- stated by Arkham.

To get more updates, visit us at: https://coinsprobe.com/
#WazirXHacked #WRX #HACK

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