2024

Bitcoin

WazirX

WazirX has denied the accusations and concerns raised by the crypto community regarding a massive security breach that compromised assets worth over $230 million (₹2000 crore).&nbsp;There are allegation made on the exchange, that the CEO, Nischal Shetty, was the one who signed the transactios that led to the hack. 
The crypto community is backing a <a href="https://www.cryptotimes.io/2024/08/02/wazirx-faces-pil-over-230m-security-breach-crisis/" target="_blank" rel="noreferrer noopener">Public Interest Litigation (PIL) to hold WazirX</a> accountable for the breach, demanding transparency regarding the hack and the role of key signatories. WazirX must disclose the names of the three signatories who approved the hack to dispel these allegations. 
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 🚨💰 It seems a single individual, potentially <a href="https://twitter.com/NischalShetty?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@NischalShetty</a>, signed all 3 signs in the multisig wallet hack, controlling the stolen ₹2000 crore. This made it easy 2 scam <a href="https://twitter.com/hashtag/WazirX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#WazirX</a> users. If this isn't true, <a href="https://twitter.com/WazirXIndia?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@WazirXIndia</a> must reveal the names of the 3 signatories who approvd hack <a href="https://t.co/tY5OUFMqRx" target="_blank">https://t.co/tY5OUFMqRx</a>— Justice for WazirX Users (@IndiasCrypto) <a href="https://twitter.com/IndiasCrypto/status/1819253250740322563?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">August 2, 2024</a>
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TruthLabs also published an extensive <a href="https://x.com/BoringSleuth/status/1819144838157422878" target="_blank" rel="noreferrer noopener">thread</a> on X, speculating that WazirX’s security flaws could have contributed significantly to the loss.&nbsp; 
In response to this PIL allegation, WazirX emphasized that the claims of a single individual, potentially co-founder Nischal Shetty, having sole control over the multisig wallet are incorrect. They clarified that their security system involves multiple key holders, not just one. The company made it clear that several key holders are involved in its security procedures and that no one person has authority over the money. 
WazirX clarified that their protocol requires four keys to authorize transactions, with three held by separate WazirX key holders and one by Liminal. This setup has been consistently used for all transactions on the attacked Ethereum wallet. 
WazirX highlighted that even the malicious transaction leading to the breach was signed by three separate WazirX signers and one Liminal signer. They stressed that this information is verifiable through on-chain data and does not rely on their claims alone. 
WazirX requested that the community clarify or repost accurate information to prevent the spread of misinformation. 
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 Also read: <a href="https://www.cryptotimes.io/2024/07/31/indias-bwa-to-address-cyber-consumer-woes-post-wazirx-hack/" target="_blank" rel="noreferrer noopener">India’s Blockchain Association takes note of Consumer Woes Post-WazirX Hack</a> 
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WazirX Denies Allegation of Nischal Shetty Involved in HACK

The Crypto Times

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