Recent developments have indicated a major breach in the cybersecurity of cryptocurrency exchange WazirX. Losses have been reported as substantial, with estimates ranging around $230 million. The theft largely involved Ethereum and Shiba Inu cryptocurrencies, and the stolen assets are reportedly being laundered through Tornado Cash. WazirX users have been gravely affected, with some facing six-month trading delays and potentially challenging legal disputes.
Notably, while an external audit found no vulnerabilities in WazirX's security partner Liminal Custody, a blame game has ensued between both entities over the hack's origin. In reaction to these developments, WazirX has proposed to 'socialize' the security breach losses among its customers.
The firm has filed for debtor protection and attempted to implement a fund recovery plan, though it's seemingly confirmed that 43% of user funds will remain irretrievable. Various reports have moreover suggested a potential link between the breach and the notorious Lazarus Group, an alleged North Korean hacker collective. Additionally, there have been sentiments of speculation and accusations regarding the transparency and divulgence of information related to the breach. Consequently, WazirX has been subjected to substantial reputational damage in the aftermath of these unfortunate circumstances, casting a shadow on its prospects.
WazirX News Analytics from Thu, 18 Jul 2024 07:00:00 GMT to Wed, 11 Sep 2024 23:00:31 GMT - Rating -8 - Innovation -5 - Information 7 - Rumor -3