$230 Million Loss : Wazirx Exchange Hack
Wazirx exchange has been a favorite among people for a long time here I am talking about the Indian crypto community because Wazirx is an Indian exchange. There was a time when this exchange was no. 1 but luck can change any time. First, the Indian government applied a 30% tax and 1% TDS and that is why many Indian crypto exchanges were dead.
Wazirx also lost its charm. This exchange has also been a part of Binance, and after facing so many problems now this $230 million loss. Time is not going well for the wazirx exchange. After the hacking, the team suspended all the withdrawals. So this is also not good for the exchange users because they can't withdraw their funds now.
But this was important otherwise hackers could steal Crypto again which is why they suspended all the withdrawals. We can't say when they will start the withdrawal because the loss is big so it is not possible to run this exchange easily for the now. They are not free from all the attacks because once hackers crack your security, it is easy for them to do it again.
In this case, exchanges have to change their security and more improvement. This is the problem with centralized exchanges. Talking about the current time then as per the report of the WazirX exchange, if we can believe, this compromised crypto wallet has been used by the criminal's wallet infrastructure and digital asset custody since feb-2023 and the important thing is this crypto wallet was required to get approval from six people and these six people are those who approve a transaction now the case is different so in such a case, it had to be five people from Wazirx and one from Liminal.
Anyway talking about the loss then wazirx lost 5.43 billion shib tokens, 15200 Ethereum coins, 20.5 million metric tokens, 640 billion Pepe meme coins, 5.79 million USDT, and 135 million gala tokens. All these tokens are popular and important. These tokens are going to give good returns but now Wazirx exchange lost them.
According to wazirx investigation report the hacker could be from north korea however we can't say anything without proper investigation so we have to wait for it. Sadly, wazirx exchange users will not be able to use the services of the exchange. I was a user of this exchange too but now I am no more user of this exchange since the tax implementation.
Now it is time to end this post but I would like to know your opinion and if I get any information regarding this then I will definitely share it here with you. Stay safe and never put all your eggs in one basket. this is golden rule and always remember it. Have a nice day friends.
Lucky Ali
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
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