WazirX Recovery Plan Faces Backlash After $230-Million Hack

- WazirX customers unlikely to recover full funds after $234 million hack in July, says legal adviser. - At least 43% of customer funds are unlikely to be recovered, with best case scenario being a return of 55% to 57%. - WazirX seeks six months' protection from Singapore High Court while restructuring liabilities. - Company in talks to share profit from revenue-generating products but no concrete details provided. - Pressure mounts as CoinSwitch initiates legal action to recover $9.7 million worth of assets stuck on WazirX's platform. Source: [Techcrunch](https://techcrunch.com/2024/09/02/customers-of-indian-crypto-exchange-wazirx-unlikely-to-recover-full-funds/)

- WazirX's parent company Zettai Pte filed moratorium application in Singapore High Court on August 27 - Move seeks 'breathing space' for restructuring liabilities under scheme of arrangement - Application follows $234.9M crypto heist last month, representing 45% of user funds - Company plans to allocate impact of cyberattack pro-rata across users as unsecured creditors - WazirX expects at least six months to consider restructuring plan and work with stakeholders Source: [Inc42](https://inc42.com/buzz/wazirx-files-moratorium-application-before-singapore-court)

Wazirx went through a massive theft recently where a lot of coins were stolen. Wanna know How much grapeviners money is stuck.

So basically to make the losses to others ‘equitable’ I’ll only get 55% of my holdings? Looks like WazirX is playing Robin Hood in reverse - stealing from everyone to give to... well, themselves probably. What the fuck - how’s this legal?

- WazirX, one of India's largest cryptocurrency exchanges, has temporarily suspended all trading activities after losing about $230 million in a security breach. - The cyber attack compromised WazirX's ability to maintain a 1:1 collateral ratio with assets, raising concerns about the adequacy of its reserves. - Customer withdrawals were suspended after an attacker accessed one of the exchange's multi-signature wallets, which was protected by six signatories. - WazirX announced a bounty program of up to $23 million to recover the stolen assets, with risk-management platform Elliptic linking the attacker to North Korea. - The breach is significant, as WazirX reported holdings of about $500 million in its June proof-of-reserves disclosure, calling the event a 'force majeure.' Source: Techcrunch, Moneycontrol

I used to use coinbase but they don't let you buy and no longer accept sign ups. What are my other reliable options. Also thinking of buying a cold storage wallet because "Not your keys, No your Coins".

- CoinSwitch announced plans to take legal action against WazirX to recover 2% of its trapped funds. - The company held INR 12.4 Cr and INR 28.7 Cr in ERC20 tokens, and INR 39.9 Cr in other tokens on WazirX. - WazirX experienced a major security breach on July 18, leading to withdrawals of approximately $234.9 Mn. - CoinSwitch claims WazirX has not responded to their queries, prompting the legal action. - Inc42 has reached out to WazirX for comments and will update the story based on their response. Source: [Inc42](https://inc42.com/buzz/coinswitch-to-file-lawsuit-against-wazirx-to-recover-stuck-funds/)

- WazirX experienced a major security breach on July 18, leading to a loss of around $234.9 million during early European hours. - Preliminary investigation suggests the attack originated from Liminal's infrastructure, bypassing their final verification step. - The malicious transaction was not sent to any whitelisted destination addresses, which should have been blocked by Liminal’s firewall and whitelist policy. - WazirX has announced a $23 million bounty to recover the stolen $230 million assets and is conducting a forensic investigation. - Two potential scenarios are considered: a breach of Liminal’s infrastructure or malware on WazirX signers’ devices, with the former being more likely. Source: Inc42

- Indian crypto exchange WazirX experienced a security breach in one of its multisig wallets, leading to over $230 million in withdrawals. - The exchange confirmed the breach and announced a temporary pause on INR and crypto withdrawals to ensure asset safety. - The stolen funds represent over 45% of WazirX's $500 million holdings, with significant amounts in SHIB, ETH, MATIC, and PEPE. - The exploiter is actively selling the stolen assets on Uniswap, holding over $4.2 million in FLOKI tokens. - WazirX, popular among Indian traders, is one of the few FIU-registered exchanges in India, with recent trading volumes of $2.2 million. Source: Coindesk