Crypto Exchange WazirX Takes Measures to Protect Investor Funds Following Ongoing Breach Investigation

WazirX Freezes $3 Million in USDT Amid Ongoing Breach Investigation

Indian crypto exchange WazirX has frozen $3 million worth of USDT, which was stolen by hackers during a massive breach reported in July last year. The incident led to the theft of 240,000 Ether (ETH) and other digital assets, causing widespread losses for users.

As part of its ongoing recovery efforts, WazirX has taken this drastic measure to secure investor funds. This move aims to protect the exchange’s reserves and prevent further financial losses. The company is working diligently to recover stolen funds and rebuild trust with its user base.

In a shocking revelation, investigators have linked the attack to North Korea’s Lazarus Group, an organization notorious for targeting financial institutions. The group has been accused of numerous cyber attacks worldwide, including the 2016 Bangladesh Bank hack that drained $81 million. This fresh development highlights the grave risks associated with cryptocurrency breaches and the need for stricter oversight and stronger security measures.

The breach also drew attention from regulatory bodies, with Justice Sachin Datta of the Delhi High Court expressing concerns about WazirX’s financial responsibility. While the Reserve Bank of India clarified that it does not govern cryptocurrency platforms, critics argue that the lack of regulations exposes broader risks to the financial system.

In a bid to restore confidence and rebuild trust, WazirX has also announced plans to disclose 240,000 wallet addresses and balances in a court affidavit. This unprecedented move demonstrates the exchange’s commitment to transparency and accountability.

Source: cryptonewsland.com