WazirX Begins Second Phase of Fiat Currency Withdrawal Process After Major Hack
- PHPzOriginal
- 2024-09-04 09:18:121129browse
The process was originally slated to begin on Sept. 9 and comes as the exchange faces the aftermath of a major security breach that resulted in the theft of over $230 million in user assets.
Crypto exchange WazirX has begun the second phase of its fiat currency withdrawal process early, following a major hack that saw over $230 million in user assets being stolen from the platform.
The exchange announced the early access to withdrawals on Sept. 3, while the process was originally slated to begin on Sept. 9.
As part of the early withdrawal access, users will be able to withdraw up to 66% of the total Indian rupee (INR) amount that they have deposited on the exchange. The remaining amount will be unlocked at a later stage.
The move comes as the exchange is also undergoing a restructuring process in Singapore, following the massive hack in July.
The hack saw a hacker exploiting a vulnerability in one of WazirX’s multisig wallets, leading to the loss of significant assets, including $100 million in Shiba Inu (SHIB) and $52 million in Ether (ETH).
The hack forced the exchange to suspend its operations and pursue restructuring to try and make users whole. However, legal advisers have indicated that customers are unlikely to recover the full amount of their lost funds.
The best-case scenario is projected to be a return of between 55% and 57% of the original assets. The restructuring process aims to address these liabilities, but the road ahead remains uncertain for many affected users.
Meanwhile, the hacker responsible for the breach began moving the stolen Ether through crypto mixer Tornado Cash on Sept. 2, according to data from Arkham Intelligence.
The move saw nearly $6.5 million worth of Ether being shifted in 16 transactions on the Ethereum network.
The hacker's address, which holds over $155 million in various tokens, had not previously moved funds to Tornado Cash, making this a notable development in the ongoing investigation.
The attack on WazirX is believed to be the work of the North Korean hacking group Lazarus, which has been accused of laundering over $1 billion in stolen funds. The group is a significant target of international sanctions and is known for its advanced cyber operations.
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