Wazirx Hack

Cryptocurrency exchange WazirX, which suffered a massive Rs 2,000 crore (about $234 million) cyber theft in July, is now facing scrutiny from top government agencies in the country.

WazirX has announced that it is in the process of forming a ‘Committee of Creditors (COC)’. In a blog post published on October 2, WazirX claimed that it aims to bridge the communication gap with its creditors.

A Singapore court has granted WazirX a four-month moratorium period to complete its financial restructuring. In a press note released by the exchange on Thursday, September 26 it said that this action paves way for a legally binding resolution to restore WazirX’s crypto balances.

In a recent affidavit, WazirX informed its users that only 441 have backed the moratorium appeal filed by its majority stakeholder, Zettai, in a Singapore court. WazirX also disclosed to Gadgets360 that it currently has two million monthly active users.

Data collected by Arkham Research showed that the hacker who exploited the WazirX wallet for over $230 million (roughly Rs. 1,900 crore) is using the controversial Tornado Cash platform to do so. The exchange said it is working with law enforcement agencies and the CERT-In to identify the hacker.

Nischal Shetty, co-founder of WazirX, informed Gadgets360 that individuals in urgent need of funds have begun withdrawing their INR balances from the platform. Officials also said that users affected by the recent hack may face challenges in recovering approximately 43 percent of the funds they had stored on WazirX.

In a detailed post published on X, CoinSwitch disclosed that two percent of its total funds — worth Rs. 810 crore (roughly Rs. 9.65 million) — were saved with WazirX, that are now stuck.

WazirX estimates that Zettai may take at least six months to stitch up a scheme, which if approved by the creditors and sanctioned by the Singapore Court, “would be legally binding on all relevant parties, including Zettai.” The platform needs this time to finalise the terms and conditions of this financial restructuring scheme.

In a statement released over the weekend, the exchange said it is resuming INR withdrawals starting Monday, August 26. It is, however, noteworthy that WazirX customers will only be able to access and withdraw 66 percent of their funds while the remaining 34 percent will remain frozen due to ongoing investigations into the incident.

WazirX has announced that it will restore user portfolios based on their status as of July 18. This decision effectively cancels all trades made between July 18 and July 21. The exchange stated that this approach is intended to ensure fairness in the portfolio restoration process.

CoinDCX crypto exchange has launched a crypto investor protection fund (CIPF) worth Rs. 50 crores. Announcing the CIPF, CoinDCX co-founder Sumit Gupta said that this dedicated fund will provide an additional layer of protection, ensuring that our customers' assets remain secure.

The self-custody feature allows crypto holders to keep the private keys to their respective wallets with themselves rather than storing them with the exchanges. Giottus, a rival of the recently hacked WazirX crypto exchange, has addressed some of the challenges facing self-custody of crypto assets in India.

WazirX has planned a strategy aiming to build back its business after the recent hack. As part of this plan, the exchange has decided to distribute the impact of this loss ‘equitably’ among all of its users – regardless of whether or not their funds were directly impacted by this hack. The development has stirred controversy in India’s cryp...

Liminal has refuted recent allegations by WazirX that claim that the point of breach in this wallet hack was not from its end, but because of Liminal’s screening system failure. The wallet infrastructure firm has reiterated that its platform continues to operate seamlessly and has been processing transfers and withdrawals for all of its customers...

WazirX has claimed that its own signers’ machines were not compromised in the recent hack, as shown in its internal investigation. The exchange has alleged that Liminal’s infrastructure was used by hackers to facilitate this attack.

Cryptocurrency exchange WazirX, which suffered a massive Rs 2,000 crore (about $234 million) cyber theft in July, is now facing scrutiny from top government agencies in the country.

WazirX has announced that it is in the process of forming a ‘Committee of Creditors (COC)’. In a blog post published on October 2, WazirX claimed that it aims to bridge the communication gap with its creditors.

A Singapore court has granted WazirX a four-month moratorium period to complete its financial restructuring. In a press note released by the exchange on Thursday, September 26 it said that this action paves way for a legally binding resolution to restore WazirX’s crypto balances.

In a recent affidavit, WazirX informed its users that only 441 have backed the moratorium appeal filed by its majority stakeholder, Zettai, in a Singapore court. WazirX also disclosed to Gadgets360 that it currently has two million monthly active users.

Data collected by Arkham Research showed that the hacker who exploited the WazirX wallet for over $230 million (roughly Rs. 1,900 crore) is using the controversial Tornado Cash platform to do so. The exchange said it is working with law enforcement agencies and the CERT-In to identify the hacker.

Nischal Shetty, co-founder of WazirX, informed Gadgets360 that individuals in urgent need of funds have begun withdrawing their INR balances from the platform. Officials also said that users affected by the recent hack may face challenges in recovering approximately 43 percent of the funds they had stored on WazirX.

In a detailed post published on X, CoinSwitch disclosed that two percent of its total funds — worth Rs. 810 crore (roughly Rs. 9.65 million) — were saved with WazirX, that are now stuck.

WazirX estimates that Zettai may take at least six months to stitch up a scheme, which if approved by the creditors and sanctioned by the Singapore Court, “would be legally binding on all relevant parties, including Zettai.” The platform needs this time to finalise the terms and conditions of this financial restructuring scheme.

In a statement released over the weekend, the exchange said it is resuming INR withdrawals starting Monday, August 26. It is, however, noteworthy that WazirX customers will only be able to access and withdraw 66 percent of their funds while the remaining 34 percent will remain frozen due to ongoing investigations into the incident.

WazirX has announced that it will restore user portfolios based on their status as of July 18. This decision effectively cancels all trades made between July 18 and July 21. The exchange stated that this approach is intended to ensure fairness in the portfolio restoration process.

CoinDCX crypto exchange has launched a crypto investor protection fund (CIPF) worth Rs. 50 crores. Announcing the CIPF, CoinDCX co-founder Sumit Gupta said that this dedicated fund will provide an additional layer of protection, ensuring that our customers' assets remain secure.

The self-custody feature allows crypto holders to keep the private keys to their respective wallets with themselves rather than storing them with the exchanges. Giottus, a rival of the recently hacked WazirX crypto exchange, has addressed some of the challenges facing self-custody of crypto assets in India.

WazirX has planned a strategy aiming to build back its business after the recent hack. As part of this plan, the exchange has decided to distribute the impact of this loss ‘equitably’ among all of its users – regardless of whether or not their funds were directly impacted by this hack. The development has stirred controversy in India’s cryp...

Liminal has refuted recent allegations by WazirX that claim that the point of breach in this wallet hack was not from its end, but because of Liminal’s screening system failure. The wallet infrastructure firm has reiterated that its platform continues to operate seamlessly and has been processing transfers and withdrawals for all of its customers...

WazirX has claimed that its own signers’ machines were not compromised in the recent hack, as shown in its internal investigation. The exchange has alleged that Liminal’s infrastructure was used by hackers to facilitate this attack.