After a massive $234.9 million hack, the well-known Indian cryptocurrency exchange WazirX has scheduled important maintenance that will undo some trades and restore account funds.
The work will be done between 6 p.m. IST on August 15 and 2 a.m. IST on August 16. During that time, some services on the app will not be open.
Cryptocurrency worth $234.9 million was taken during the July 18, 2024 security breach. The first company to notice the hack was Cyvers, which works with Web3. They saw a lot of weird transactions on the Ethereum network that came from WazirX’s Safe Multisig wallet.
The attack had a big effect on the exchange, so quick action was needed to protect the funds that were still there and fix account issues. Many users are upset and scared about what happened, making them question the future and security of the exchange.
WazirX is rebuilding its security measures to regain people’s trust, and the business has promised to be open about the process. At 1 p.m. IST on July 18, the exchange plans to undo deals and account balances that were changed by the withdrawal ban.
With this move, the company hopes to help users who lost money because of the hack Because Crypto wants to be open, it has said it will post a list of all the new wallets as soon as the transfer is done. This project aims to show platform users that the company cares about safety and managing assets well.
WazirX Responds To Hack With Security Measures And Dispute With Liminal
WazirX and its security partner Liminal fought over who was to blame for the hack. WazirX says the hack used flaws in Liminal’s interface to its advantage. But people working for Liminal have said their platform wasn’t hacked. Liminal says the exploit was caused by hacked computers inside Crypto, making things even more difficult.
Because of the breach, WazirX said on August 14 that it is moving the money it still has in Liminal to new wallets that use more than one signature. This step is very important to ensure that the assets left over are safe.
Because of how Crypto is set up, deals need more than one signature to be legal and go through. There are six accepted signers in the current setup of the multisig wallet. Five are from WazirX, and one is from Liminal.
The hacker who used the flaw is said to have turned almost $150 million worth of stolen altcoins into Ether to avoid being found and to keep the money from being frozen or banned. It is now harder to get back the stolen items. This shows how hard it was for Crypto to make its platform safe again after the attack.
The next few months will be very important for Crypto because it will determine how well the exchange can fix balances and keep funds safe. This will also have a big effect on the industry’s security standards. The crypto community will be very interested in WazirX’s efforts to rebuild trust and stop future leaks.
