Security

WazirX

The crypto community is rallying behind a Public Interest Litigation (PIL) draft aimed at holding WazirX accountable for a massive security breach that compromised assets worth over $230 million (₹2000 crore).&nbsp; 
The ongoing PIL, set to be <a href="https://x.com/IndiasCrypto/status/1819288098632765642" target="_blank" rel="noreferrer noopener nofollow">presented</a> to the High Court, underscores a critical issue: the lack of transparency surrounding the hack and the role of key signatories in the multisig wallet. 
A multisig wallet is designed to enhance security by requiring multiple signatures to authorize transactions. However, recent claims suggest that a single individual, potentially Nischal Shetty, one of WazirX’s co-founders, may have had control over the stolen ₹2000 crore. This raises alarming questions about the security protocols at WazirX and the extent of individual control over critical assets. 
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 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXc1Dq4MZf90l6YJyZ4ArCkO44CGDB93pda3_CKT3QsdsjYetauO3ZRDaH-RKLF1agBMMMPRHzJnMyWEOfJyQTLxi1e1ofncx39gntwxFwQAIDBjF9lbH2ZiCPZmwocteN0v-jQpxcpsDQaMTTpUe171TPs?key=lWsfJn2D6aK3Z_qhkKPbWQ" alt="AD 4nXc1Dq4MZf90l6YJyZ4ArCkO44CGDB93pda3 CKT3QsdsjYetauO3ZRDaH RKLF1agBMMMPRHzJnMyWEOfJyQTLxi1e1ofncx39gntwxFwQAIDBjF9lbH2ZiCPZmwocteN0v">
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 Source: <a href="https://x.com/IndiasCrypto/status/1819253250740322563" target="_blank" rel="noreferrer noopener nofollow">Justice for WazirX Users</a> on X
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The core of the controversy is the demand for clarity. If Shetty or another individual had sole control over the wallet, it would indicate a severe lapse in security measures. The PIL calls for WazirX to disclose the identities of the three signatories who approved the transactions leading to the hack.&nbsp; 
According to TruthLabs, WazirX’s security failures may have played a significant role in the loss. The <a href="https://x.com/BoringSleuth/status/1819144838157422878" target="_blank" rel="noreferrer noopener nofollow">thread</a> from TruthLabs accuses WazirX of misleading actions and security lapses by WazirX, further compounding the need for accountability. 
As the community unites to demand answers, the call for transparency grows louder. WazirX’s response to these revelations and its willingness to cooperate will be pivotal in determining the path forward.&nbsp; 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/29/fbi-contacts-wazirx-to-discuss-lazurus-involvement-in-hack/" target="_blank" rel="noreferrer noopener">FBI Contacts WazirX To Discuss Lazurus Involvement In Hack</a> 
</blockquote>

WazirX Faces PIL Over $230M Security Breach Crisis

The Crypto Times

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