WazirX Faces Cyberattack, Offers 55% Fund Recovery; FBI Investigates

Jul 29, 2024, 02:06 AM

WazirX, an Indian cryptocurrency exchange, faced a significant cyberattack on July 18, which was possible due to four points of failure in the digital signing process, according to founder and CEO Nischal Shetty. In response to the hack, WazirX has implemented measures to rebalance customer portfolios, allowing users to access 55% of their holdings while locking the remaining 45% in USDT-equivalent tokens. The platform has also launched a poll offering users two options for fund recovery: accessing 55% of their funds without immediate withdrawals and receiving top priority for recovery, or another undisclosed option. The incident has left thousands of Indian crypto investors in distress, and questions have been raised about the government's silence on the issue. The FBI has reached out to WazirX to investigate the cyberattack, which allegedly involves North Korean cybercriminals. The platform's responses to user queries were noted on July 27, 28, and 29.