Biggest Indian Exchange WazirX Hacked for $230 Million
Hello and Namaste Everyone
Today is terrible for the Indian crypto industry because one of the biggest exchanges has been hacked. This exchange is called Wazirx and it is hacked for the value of $230 million. This amount is almost 50% of their crypto holding according to the latest proof of reserve report. Currently, the exchange has disabled the withdrawal for Crypto and Fiat currency as they are investigating the case and they are yet to share the official announcement of the hack. As for them, it's a security breach on their multi SIG wallet and they are investigating it further to find the root cause.
It is one of the biggest exchanges in India and it holds almost 33% of the user base in the country. There are total aid exchanges in India and out of this it is one of the exchanges holding a bigger chunk of the market. The amount that is stolen from the exchange wallet is huge and in the Asian crypto market, this is the biggest ever crypto hack. The biggest question is whether the funds are safe or not. It is only possible if there was insurance on the Crypto but as of now, there is no update on the fund safety and the exchange has not shared any update about it.
Indian crypto exchange Wazirx has announced a security breach affecting one of its multisig wallets, resulting in the theft of over $230 million. Cryptocurrency and INR withdrawals have been halted as the team investigates the incident.
Everyone is talking about this hack because in Indian currency the fund value is approximately 2000 Crore INR. This is a very big amount in India and now the Indian budget is around the corner we are expecting some relaxation for the Crypto industry but looks like that is not going to happen just because of this incident.
The hashtag is trending on X and in India, everyone is talking about this news. I believe that now the Indian media is going to play with this news because now they have some topics to talk about and anyway they are not friendly to the crypto industry. It is also a matter of worry how the government is going to take this up because the budget is scheduled for 23rd July and if there is any relaxation which is part of the budget might not happen now because of this serious issue.
There is nothing that the exchange users can do as of now since all the withdrawals are passed but it is raising the question of whether can we rely on centralized exchanges. I think now it is again a matter of discussion where we need to think that self-custody is always the best option and not keep your funds in an exchange wallet unless it is really necessary for the trading. In India, there is a problem that some of the exchanges are not providing easy withdrawal and this is why it is necessary or a kind of foundation for the users to keep their crypto in the exchange. The withdrawals are not an easy process in India because of the government rules and hopefully, after this incident, something positive happens from the government side also for the exchanges to follow is strict and highly secure in infrastructure for the fund safety.
I'm a user of the exchange but I'm happy that I had no funds in the wallet because I'm not a trader and this is the reason why I don't keep any funds in the exchange wallet. I'm feeling sad for those who are affected by these tragic incidents and I hope the exchange works to bring some solution for them to reimburse them for this loss but let's see what the exchange announces about it
Thank you so much
Stay Safe
Posted Using InLeo Alpha
I had not heard this bad news. Thanks for letting us know. I saw crypto prices were down a little today and thought it was because of the US stock market being off a bit. Maybe this hack was a factor too.
I'm so happy to hear that you were not affected by this! We all need to keep most or all of our crypto off of exchanges and in wallets where we have the keys.
This exchange was acquired by Binance in 2021 but later they had some conflicts. This is the biggest hack in India and that too when the budget is just a few days away.
It's an Indian exchange so may not be a big global news.
Thanks, I am glad that I withdrew all funds over a year back and now happy that I had nothing over there. Self-custody is best. Have a great day @kenny-crane
Thanks for this news. I remember that it had become quite popular in the past also thanks to some moves by Binance towards the token of this project. I'm sorry for what happened
It was a binance acquired exchange but I think this deal was cancelled later. I feel sad for the users who had funds there.
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating to @indiaunited. We share more than 100 % of the curation rewards with the delegators in the form of IUC tokens. HP delegators and IUC token holders also get upto 20% additional vote weight.
Here are some handy links for delegations: 100HP, 250HP, 500HP, 1000HP.
100% of the rewards from this comment goes to the curator for their manual curation efforts. Please encourage the curator @bhattg by upvoting this comment and support the community by voting the posts made by @indiaunited..
This post received an extra 1.02% vote for delegating HP / holding IUC tokens.
thank you so much @bhattg
you are welcome mam , good day
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.
100% of the rewards from this comment goes to the curator for their manual curation efforts. Please encourage the curator @bhattg by upvoting this comment and support the community by voting the posts made by @indiaunited.