Customers of WazirX, the Indian cryptocurrency exchange that suffered a $ 234 million hack in July, are unlikely to recover their funds in full through the ongoing restructuring process, a company legal adviser said on Monday. George Gwee, a director at restructuring firm Kroll working with WazirX, said that at least 43% of the money […]
CoinSwitch sues WazirX to recover trapped funds
CoinSwitch, a prominent Indian cryptocurrency exchange, is suing rival platform WazirX to recover trapped funds, revealing the scope of the damage wrought by a cyber attack at WazirX that resulted in $ 230 million worth of digital assets being stolen. The move comes more than a month after WazirX, one of India’s largest crypto exchanges, […]
WazirX to ‘socialize’ $230 million security breach loss among customers
Indian cryptocurrency exchange WazirX announced on Saturday a controversial plan to “socialize” the $ 230 million loss from its recent security breach among all its customers, a move that has sent shockwaves through the local crypto community. The Mumbai-based firm, which suspended all trading activities on its platform last week following the cyber attack that […]
WazirX halts trading after $230 million ‘force majeure’ loss
WazirX, one of India’s largest cryptocurrency exchanges, has suspended all trading activities on its platform days after losing about $ 230 million, nearly half of its reserves, in a security breach. The Mumbai-based exchange said in a tweet Sunday evening that the cyber attack had substantially impaired its ability to maintain the critical 1:1 collateral […]
India’s WazirX confirms security breach following a $230M ‘suspicious transfer’
Indian crypto exchange WazirX on Thursday confirmed it had suffered a security breach after about $ 230 million in assets were “suspiciously transferred” out of the platform earlier in the day. The Mumbai-based firm said one of its multisig wallets had suffered a security breach, and it was temporarily pausing all withdrawals from the platform. […]