tl;dr
Nischal Shetty, the founder of WazirX exchange, has addressed the aftermath of the $230 million hack, providing updates on recovery efforts and withdrawal reinstatement. The hack, which affected customers' digital assets but not INR funds, was attributed to a third-party custody provider named Limin...
UPDATE ON WAZIRX HACK FUND RECOVERY & WITHDRAWAL - DEVELOPMENTS AFTER THE CYBER ATTACK
Nischal Shetty, the founder of WazirX exchange, has addressed the aftermath of the $230 million hack, providing updates on recovery efforts and withdrawal reinstatement. The hack, which affected customers' digital assets but not INR funds, was attributed to a third-party custody provider named Liminal. Shetty reassured users that recovery options are being explored and emphasized the security of the platform's infrastructure. WazirX has launched a bounty program offering a $23 million reward for solutions leading to a resolution.
Recent developments indicate that the hacker transferred $57 million of stolen funds to new cryptocurrency addresses. WazirX is conducting an investigation with an external forensic team and collaborating with over 500 crypto exchanges and India's Financial Intelligence Unit to recover the funds.
In the wake of the $230 million WazirX hack, the exchange’s founder Nischal Shetty has addressed important queries. He shed light on important updates on the platform’s recovery efforts and the reinstatement of withdrawals.
In a series of posts on X, Nischal Shetty provided reassurances and outlined the next steps the exchange is taking to manage the fallout. He highlighted that “some options have emerged to help with the recovery which we’re exploring.” Shetty added: advertisement > “Recovery options need more time but we understand you want us to open the > platform soon for withdrawal/deposit/trading. We will run a poll to help our > customers decide the approach to opening up the platform. Team is working on > building the poll flow so everyone can participate.” He emphasized that despite the severity of the WazirX hack, their product platform and infrastructure remained secure.
Following the hack, the team has been proactive in trying to recover the stolen funds. They revealed, “We have received 133 entries for our Bounty Program so far and are currently reviewing them. Join us in supporting the crypto community and register now. A $23 million bounty is available for solutions that effectively lead to a resolution.”
This bounty is part of two programs launched by the exchange for on-chain investigators. It includes the track and freeze bounty, which offers up to $10,000 in Tether (USDT) for actionable intelligence that leads to the freezing of the stolen funds. In addition, the crypto exchange has offered the white hat recovery bounty. It will reward ethical hackers with up to 10% of the amount they can help recover.
Recent developments have shown that the hacker has transferred $57 million worth of the stolen funds to two new cryptocurrency addresses. Blockchain security firm PeckShield reported that 16,350 Ether (ETH), valued over $57 million, was moved to new wallets, with the majority sent to the address “0x58d.” The WazirX hack targeted the exchange’s multi-signature wallet, which was used for storing ETH and ERC-20 tokens. This wallet, created using Gnosis Safe, involved six signatories: five from the exchange and one from Liminal.
As the WazirX hack investigation continues, the exchange has engaged an external forensic team to conduct a thorough audit. “This will confirm whether any or all of the 3 WazirX devices were compromised. But we’re not experts at forensics, so an external forensic team will be engaged to conduct a thorough audit. This will give us better insight into whether the 3 signatures on the malicious payload were a result of a compromise or not,” the exchange stated.
Furthermore, the team revealed they are actively working with over 500 crypto exchanges to recover stolen funds due to the hack. In addition, they have also sought India’s Financial Intelligence Unit’s (FIU) help to track the lost funds. However, the exploiter has converted the majority of funds in Ethereum. They have been active of Tornado Cash, which raises concerns of ETH funds laundering.
More about Tanzanian Royalty Exploration Corp
Tanzanian Royalty Exploration Corp, Tanzanian Gold Corporation is engaged in the exploration and development of mineral property interests in the United Republic of Tanzania. The company is headquartered in Vancouver, Canada.
Industry: ENERGY & TRANSPORTATION
Commodity: GOLD AND SILVER ORES
Market Cap: 116,945,000
Dividend Yield: None
EPS: None
P/E Ratio: 0
Forward P/E: 0.127
PEG Ratio: -0.0306
Volume: 36,723,000
Market Cap (Intraday): 1.38
Beta (3Y Monthly): 2.549
52-Week Change: 0.625