Bengal Man Arrested in WazirX Crypto Exchange $235M Theft
Date: 2024-11-14 Author: Gabriel Deangelo Categories: BUSINESS
A chargesheet seen by Cointelegraph indicates that the hack was not carried out due to vulnerabilities in WazirX’s system, but rather via a fake account sold to a third party via Telegram.
WazirX cooperated with the investigation by providing hardware, customer identification data, and transaction logs. The Cyber Crime Coordination Centre (IFSO) confirmed that the exchange’s internal systems remained secure, adding to the credibility of its security systems.
The document specifies that hackers gained access to the exchange's multi-signature wallet, stealing $235 million in cryptocurrency. The detainee admitted that he was offered a large sum for selling his WazirX account via Telegram.
IFSO confirmed that WazirX's systems were not compromised. The investigation faced delays in collecting data due to third parties managing the exchange's digital assets.
On October 22, WazirX's asset storage partner, Liminal, reported a "disinformation campaign" by the exchange. Despite the accusations, WazirX continued to store $175 million on the Liminal platform for 75 days after the incident. A WazirX representative reported that the assets were being transferred to new wallets.
