WazirX

The crypto community is swirling rumors about a possible insider connection to the recent WazirX hack. An Indian KYC-verified user might have been part of the hacker team that orchestrated the attack, as per the unverified source claiming to be a top insider at WazirX.
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 Wazirx Hacker Completed KYC Verification, Source: <a href="https://x.com/IndiasCrypto/status/1830954685773095114" target="_blank" rel="noopener noreferrer nofollow">Twitter</a>
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As per the rumors, this user reportedly registered on WazirX just a week before the breach and deposited a substantial ₹1 crore (approximately $120,000) in cryptocurrency, possibly to facilitate the hack or cover their tracks. Following this, the hacker initiated withdrawals on July 18, draining the exchange’s GALA hot wallet.
According to sources, one of the attack’s main components may have been the hacker’s awareness of WazirX’s token reserves. It is said that they kept an eye on the token balance and used WazirX’s forced transfer of more GALA tokens from the cold wallet to the hot wallet.
The attack on July 18 cost a whopping $234 million and destroyed 45% of the platform’s user money. Due to the magnitude of the loss, consumers are now seeking reimbursement for their damages, which has caused them great anxiety.
In retaliation, WazirX is said to have submitted a relief motion to the Singapore High Court, requesting a court order to deal with the aftermath of the assault and provide a resolution for the impacted users.
If validated, the hack’s participation of a KYC-certified user begs major concerns about the platform’s security protocols and the possibility of insider cooperation in similar cybercrimes.
These details are based on insider claims and should be taken as rumors until confirmed by official sources or investigations.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/09/03/wazirx-live-at-singapore-hc-understand-moratorium-here/" target="_blank" rel="noopener noreferrer nofollow">WazirX Live Now at Singapore HC; Understand Moratorium Here</a>
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Wazirx Hacker Completed KYC Verification Weeks Before Hack!!

The Crypto Times

Other articles published on Sep 3, 2024

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