2024

Million

when

WazirX

<p>More than 25 days after the biggest crypto hacking incident that led to loss of over Rs 2000 crore ($230 Million) of investor funds from WazirX crypto exchange, the victim investors have found a strange connection between two involved parties- WazirX and Liminal Custody.</p> 
<p>According to several investor victims of WazirX hack, Mahin Gupta- the founder of Liminal Custody, which was in a partnership with WazirX, is an investor and advisor with Pi42 exchange- one of the side ventures of Nischal Shetty- the co-founder of WazirX.</p> 
<p>Noticeably, post the hack on July 18, WazirX had blamed Liminal Custody for the breach of their multi signature wallet that led to the theft of funds.</p> 
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<h2 class="wp-block-heading" id="what-happened-on-july-18-between-wazirx-and-liminal-custody">What Happened on July 18 between WazirX and Liminal Custody?</h2> 
<p>On July 18 this year, unknown hackers had stolen large amounts of cryptocurrencies from the WazirX exchange amounting to <a href="https://www.cryptotimes.io/2024/07/18/half-of-investors-funds-gone-from-wazirx-in-massive-breach/" target="_blank" rel="noreferrer noopener">45% of investor funds</a> i.e. $230 Million by breaching the multi-sig wallet of WazirX.&nbsp;</p> 
<p>According to a statement released by WazirX, the multi-sig wallet of the exchange had four distinct “key holders”- three with WazirX exchange and one with Liminal Custody-a firm dedicated to securing wallet transactions. WazirX had recently entered in a partnership with Liminal Custody whose founder is Mahin Gupta.&nbsp;</p> 
<p>According to WazirX, the ETH wallet that was attacked on July 18 and the malicious transaction post the attack was signed by the three key holders of WazirX and one holder of Liminal Custody.</p> 
<p>Post the attack, <a href="https://wazirx.com/blog/wazirx-cyber-attack-key-insights-and-learnings/" target="_blank" rel="noreferrer noopener">WazirX had blamed</a> Liminal Custody for the alleged breach of their multi-sig wallet while the latter had denied any wrongdoings on their part.&nbsp;</p> 
<h2 class="wp-block-heading" id="wazirx-hack-victims-point-out-correlation-between-liminal-custody-wazirx-and-pi42">WazirX hack victims point out correlation between Liminal Custody, WazirX and Pi42</h2> 
<p>Ever since the hack, <a href="https://www.cryptotimes.io/2024/08/12/thousands-of-wazirx-hack-victims-unite-on-x-space-for-justice/" target="_blank" rel="noreferrer noopener">victim investors</a> of WazirX have been pointing out a strange correlation between Liminal Custody’s Mahin Gupta and WazirX’s co-founder Nischal Shetty with Pi42 exchange- another venture where Shetty is a co-founder.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🚨 This Smells Fishy !<br><br>If <a href="https://twitter.com/hashtag/WazirX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#WazirX</a> was hacked, the fault may lie with either <a href="https://twitter.com/hashtag/WazirX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#WazirX</a> or <a href="https://twitter.com/liminalcustody?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@liminalcustody</a>. <a href="https://twitter.com/hashtag/WazirX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#WazirX</a> founder is Mr. Nischal Shetty, while <a href="https://twitter.com/liminalcustody?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@liminalcustody</a> founder is <a href="https://twitter.com/mahingupta?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@mahingupta</a>. <br><br>In <a href="https://twitter.com/Pi42Exchange?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Pi42Exchange</a>, Mr. Nischal is listed as co founder and <a href="https://twitter.com/mahingupta?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@mahingupta</a> as an investor.… <a href="https://t.co/87caeGZlcA" target="_blank">pic.twitter.com/87caeGZlcA</a></p>— Justice for WazirX Users (@IndiasCrypto) <a href="https://twitter.com/IndiasCrypto/status/1822604347047387166?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">August 11, 2024</a>
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  Source: Twitter
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<p>Users also pointed out the hypocrisy that when both Liminal Custody and WazirX were blaming each other for the alleged hack on July 18, they did not disclose that both have stakes in a third venture- Pi42 exchange.</p> 
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/WazirX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#WazirX</a> hacked <br>Wazirx blame to <a href="https://twitter.com/hashtag/Liminal?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Liminal</a> fault<br><br>Liminal say No our Fault it's your fault<br><br>But My friends don't Know about that👇👇<br>Liminal Founder Mr.Mahin Gupta🔴<br>Investor &amp; advisor In <a href="https://twitter.com/hashtag/pi42exchange?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#pi42exchange</a> <br>Pi42 exchange Founder is wazirx founder 🤔<br><br>Thay are making fool us<br>🔁 Repost <a href="https://t.co/lCVBgodcKD" target="_blank">pic.twitter.com/lCVBgodcKD</a></p>— Engineer PD (@engineerpdcrypt) <a href="https://twitter.com/engineerpdcrypt/status/1822675912153833834?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">August 11, 2024</a>
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  Source: Twitter
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<p>Users have also pointed out that Mahin Gupta’s picture as “investor and advisor” with Pi42 exchange was removed from Pi42 website on Monday after it was shared widely on X by several investors. This has deepened the worries and anxieties of investors who are now suspecting it to be a scam managed by an insider job.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🚨 They have now removed <a href="https://twitter.com/mahingupta?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@mahingupta</a> name and pic from <a href="https://twitter.com/Pi42Exchange?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Pi42Exchange</a> were Mr.Nischal and <a href="https://twitter.com/mahingupta?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@mahingupta</a> are working together.<br><br>It shows Puri daal hi kaali hai. CBI needs to investigate. Truth must come out.<a href="https://twitter.com/hashtag/JusticeForWazirXUsers?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#JusticeForWazirXUsers</a> <a href="https://twitter.com/hashtag/WazirX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#WazirX</a> <a href="https://t.co/7URmylbASD" target="_blank">https://t.co/7URmylbASD</a></p>— Justice for WazirX Users (@IndiasCrypto) <a href="https://twitter.com/IndiasCrypto/status/1823197521625116981?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">August 13, 2024</a>
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  Source: Twitter
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<p>It remains to be seen when Nischal Shetty or WazirX exchange make an official announcement regarding the withdrawal funds of its thousands of investors who are currently stuck in limbo, with their funds locked.</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p>Also Read: <a href="https://www.cryptotimes.io/2024/08/10/wazirx-abandoned-investors-betrayal-cuts-deep-say-victims/" target="_blank" rel="noreferrer noopener">“WazirX abandoned investors, betrayal cuts deep”, Victims speak exclusively to Crypto Times</a></p> 
</blockquote>

WazirX Hack Mystery Deepens: The Pi42 link of Liminal’s Gupta & WazirX

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The Crypto Times

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