Key Takeaways:
- WazirX is performing maintenance on August 15-16 to restore balances and reverse trades following a $234.9 million hack on July 18.
- The breach involved suspicious transactions from WazirX’s Safe Multisig wallet, with the hacker converting $150 million into Ether.
- WazirX is migrating assets to new multisig wallets and will publish their details to enhance transparency amid efforts to rebuild trust.
Indian cryptocurrency exchange WazirX is conducting scheduled maintenance on August 15-16 to restore account balances and reverse certain trades after a $234.9 million hack on July 18.
The breach, identified by Web3 security firm Cyvers, involved suspicious transactions from WazirX’s Safe Multisig wallet on Ethereum.
📢 Scheduled Maintenance
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 15, 2024
We will be undergoing maintenance from 6 PM on 15th August to 2 AM IST on 16th August to restore balances of all accounts and undo all trades made on the WazirX platform after the stoppage of withdrawals at 1 PM IST on 18th July 2024. Please note that… pic.twitter.com/IwpaZysVhG
The exchange’s efforts to recover and secure assets are crucial for its future and the broader industry’s security.
WazirX has faced criticism for its handling of the incident and is now focused on rebuilding user trust.
The exchange is migrating assets to new multisig wallets and plans to publish a list of all new wallets to maintain transparency.
🇮🇳A petition has been filed against Zanmai Labs Private Limited (WazirX), its infrastructure partner Liminal, and other associated entities in the National Company Law Tribunal (NCLT) Indore following a $230 million crypto asset hack 👇#WazirX pic.twitter.com/WJoCmwL9S1
— Ajay Kashyap (@EverythingAjay) August 8, 2024
A dispute has arisen between WazirX and Liminal, with both parties blaming each other for the breach.
Meanwhile, the hacker has reportedly converted nearly $150 million of the stolen assets into Ether.
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