WazirX Hack Update: The institutional digital asset custody platform Liminal recently revealed a vital update regarding the Indian crypto exchange’s $230 million July hack, sparking discussions globally. On Tuesday, the custodian cleared muddy waters regarding its role in the Indian exchange’s recent decision to reveal 240K wallet addresses in the Singapore Court, a move highly criticized by market participants.
Meanwhile, the custodian also accuses the Indian exchange of falsely projecting details amid the ongoing provisions to return user funds. This chronicle has raised severe concerns across the platform’s colossal user base, as 34% of their assets remain stranded following the attack.
WazirX Hack Update: Liminal Clears Air Amid Indian Exchange’s 240K Wallet Revelation
In an official statement by Liminal dated October 22, the custodian has offered transparency on the WazirX hack. In recent developments, the custodian revealed that it “combed” through the list of the 240,000 wallet addresses shared by WazirX to the Singapore court. “A majority of these addresses are hot wallets, while a handful are the warm/cold wallets that were managed through Liminal’s infrastructure,” the custodian stated.
These handful of wallets held balance funds worth approximately $300 million for several days and approximately $177 million for several months after the exploitation incident, the announcement stated. Nevertheless, the Indian exchange blamed the custodian and made media announcements on August 14, stating that it had ‘terminated’ its contract with the custodian in the hack aftermath. However, the latest announcement revealed how far-fetched this claim was, as WazirX held over $175 Million in assets on the custodian’s platform even 75 days after the attack.
Moreover, the custodian claims that despite the Indian exchange’s claims, approximately $50 million of their user assets continue to remain on wallets accessed via the firm’s infrastructure to date. “As a responsible company, we have clarified this position and situation to incoming media requests and authorities as requested,” the release added. This mover by the custodian has offered users fresh insights into the WazirX hack.
Crypto Hacks Raise Concerns Across The Sector
Meanwhile, Ashish Singhal, the co-founder of the Indian cryptocurrency exchange CoinSwitch accused WazirX of transferring user assets worth $75 million to international exchanges such as Bybit and KuCoin amid its recent hack update. Singhal alleged that the Indian exchange transferred these funds without informing users. Simultaneously, the co-founder also spotlighted the exchange’s massive wallet revelation mover, hinting at the broader community’s dissatisfaction.
Similarly, in another chronicle, Radiant Capital fell victim to an exploitation attack, resulting in the loss of $50 million worth of USDC, WBNB, and ETH. The DeFi project is now working with U.S. law enforcement, aiming to recover stolen funds.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Leave a Reply