WazirX Suffers $230 Million Hack: Police Investigation Launched
Indian cryptocurrency exchange WazirX was hit with a major security breach on Thursday, resulting in the theft of $230 million. The company has filed a police complaint and is cooperating with India's Cyber Crimes Unit (CERT-In) to investigate the incident.
WazirX is actively tracing the stolen funds, recovering customer assets, and conducting a thorough analysis of the cyberattack. They are also collaborating with forensic experts and law enforcement agencies to apprehend the perpetrators.
The incident has sparked further scrutiny of WazirX's security standards and practices and has raised questions about the regulation of cryptocurrencies in India. While India's Finance Ministry has declined to comment, the incident highlights the need for clear regulatory expectations for the crypto industry in India. This could include measures to enhance security standards, risk management, and consumer protection.
Other Indian crypto exchanges, like CoinDCX, have expressed their support for WazirX and their customers. The Bharat Web3 Association, India's crypto advocacy body, is yet to comment on the incident.
This hack is a stark reminder of the vulnerabilities of the crypto industry and the importance of robust security measures. It also underscores the need for clear regulations and oversight in the rapidly evolving world of cryptocurrencies.
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