Suche
WazirX: Singapore approves reopening after multi-million dollar hack!
WazirX, the Indian crypto exchange, gets court permission to reopen after $230 million hack in Singapore.
WazirX: Singapore approves reopening after multi-million dollar hack!
Indian crypto exchange WazirX is set to reopen after its recovery plan was approved by the Singapore High Court. The court order follows a massive cyberattack in July 2024 in which the exchange lost over $230 million in digital assets. Loud Daily Hodl In August, 95.7% of voting creditors approved the plan proposed by Zettai Pte Ltd, the operator of WazirX.
With this approval, WazirX plans to file the court order with the Accounting and Corporate Regulatory Authority (ACRA) in Singapore shortly. Founder Nischal Shetty expressed that the exchange wants to be operational again within 10 business days of the plan coming into effect. This news brings hope to users who have been waiting for withdrawal options after the hack.
Partnership to improve safety
To improve the security of funds, WazirX has partnered with BitGo, a digital asset and custody service provider. This measure is intended to prevent similar incidents from happening again. The hacker responsible for the massive theft is currently using the mixing platform Tornado Cash to launder the stolen cryptocurrencies.
In August 2024, WazirX announced that it would reset all trading activities and restore account balances to levels before withdrawals were stopped on July 18. However, despite these announcements, the exchange later determined that resuming crypto withdrawals was not possible.
A frozen fortune and its connection to the Lazarus Group
In January, it was revealed that WazirX had frozen $3 million in the stablecoin USDT that was linked to the hack. Crypto analyst ZachXBT reported that these funds can be traced to the well-known hacker organization Lazarus Group from North Korea. This raises questions about the global security posture in the digital assets space, particularly given the sophistication of the attacks orchestrated by such organizations.
The recent progress in the legal matters of this crypto exchange could have a significant impact not only on the company itself, but also on investor confidence in the entire industry. The reopening of WazirX could pave the way for renewal and stabilization within the crypto market, where security and transparency are now more important than ever.