Software Engineer

Pure speculation. Don’t go about asking me for proofs. The WazirX hack is an inside job designed to make it look like funds are stolen when in reality the founders have been embezzling it out littl...

Welcome to Indian Startups's Private Community

Pure speculation. Don’t go about asking me for proofs. The WazirX hack is an inside job designed to make it look like funds are stolen when in reality the founders have been embezzling it out little by little and to cover up the embezzlement they are claiming that they got hacked.

Hot Take - WazirX hack is an inside job

Hardware Engineer

Hot Take - WazirX hack is an inside job- Grapevine

Welcome to News Discussion's Private Community

- 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

WazirX’s Crypto Heist: Probe Finds Attack Originated From Liminal's Infrastructure

Journalist

- 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 Customers Face Major Losses After $230M Heist

Welcome to Personal Finance's Private Community

Which is the best crypto investment platform

Product Manager

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?

Wtf is WazirX upto

Investor

- 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 Files for Moratorium in Singapore Court After $230M Hack

Founder/ Fraudster Nishchal didn't utter a word about this 🤡.

WazirX India Pave Path to End Crypto Exchanges in India

Category Manager

- The FBI has reached out to WazirX to investigate the cyberattack, allegedly involving North Korean hackers, as the firm continues its recovery efforts."
- WazirX's proposed recovery strategy following a $230-million hack has been met with criticism from both customers and crypto influencers.
- The exchange revealed that 45% of its holding assets were lost in the breach, prompting a 55/45 approach to asset access and trading.
- Customers can vote on two proposed recovery options until August 3, but many find the 55/45 strategy unfair.
- Under the plan, 45% of remaining tokens will be converted to stablecoins (USDT) and locked, potentially reducing overall portfolio value.
- The exchange briefly restarted trading, allowing access to 55% of portfolio tokens regardless of whether assets were stolen. 

 Source: Moneycontrol, Techcrunch

WazirX Recovery Plan Faces Backlash After $230-Million Hack

Almost 40 lakh Indians lost money to the WazirX hack and I feel this is not discussed much. Also no action from authorities. 

They just burned millions of Indians and there isn’t much notice. How it’s still operating? After all we pay taxes on crypto investments but there isn’t any regulation or protection? I mean why hell tax is for. 

This is just plain stupid. Finance Ministry is probably the most fuc*ed up ministry right now I think. 

Why the founder not in legal soup?

WazirX Hack - the shitstorm gonna hurt bad

Crypto experts need your take on below 
1) Best platform for crypto trading in India?
2) Best crypto to invest in? Ethereum is my best bet due to its underlying applicability. 
3) Is now a good time to invest in crypto?

Best platform for crypto trading in India

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".

Best exchange to buy crypto in india

I think this is CoinSwitch Kuber and WazirX, but I could be wrong. But to be safe, if you have money there, you should leave.
If anybody has figured a good way to do this process, can you please share as well?

Folks, please get off of Indian crypto exchanges - hearing there’s about to be a fund seize

Corporate Strategist

- 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

WazirX Faces Security Breach, Over $230 Million Withdrawn

Incoming crypto bro saying "Blockchain is unhackable"

- WazirX has **removed a YouTube video** where it promised to share 100% of future crypto price appreciation profits with users.
- The video featured George Gwee, director of Kroll, the legal entity managing WazirX's restructuring after a **$230 Mn breach**.
- The video's removal has caused frustration among users, especially after WazirX promised fairness in a Singapore court.
- In a second townhall, WazirX clarified they would not share past profits under the new restructuring scheme.
- This comes as WazirX plans to form a **Committee of Creditors** by October 9 to restructure its liabilities following the hack.

Source: [Inc42](https://inc42.com/buzz/wazirx-takes-down-video-promising-crypto-users-of-full-profits/)

WazirX Retracts Promise of 100% Crypto Profit Sharing

- 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/)

CoinSwitch To File Lawsuit Against WazirX To Recover Stuck Funds

Annoying re kyce every few months. 
And bastards have very specific requirements of doc uploads. U have to have original pan card with you and only take its photo. No existing screenshots or soft copies work.

Before this it happened twice.
Once because they would not verify an uploaded Aadhar card scanned copy. Kept saying they couldn't read it. Same thing worked everywhere else.

And before that they locked me out because of ProtonMail ban.

Some dude called satvik vishwanath built this louda platform tbh (sorry).

Is Unocoin the worst crypto platform ever?

Data engineer

Swiggy Folks, Spill the tea!

Consultant

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

How much money you have lost or blocked in wazirx

Software Developer

- 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

WazirX Halts Trading After $230 Million 'Force Majeure' Loss

Welcome to Product Managers's Private Community

Hey everyone, I am trying to get a referral for an APM role at CoinDCX. But it seems impossible through LinkedIn. I have been passionate about crypto for a long time and CoinDCX is probably one of the best in space. 
Would really appreciate it if anyone can help me with it! 
Thanks in advance!

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