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WazirX Hack Update: In the follow-up of the Indian crypto exchange's recent $230m hack, a new development unfolded, further intensifying investor concerns. The firm's plan to socialize losses, aka the 55/45 approach, has encountered severe backlash from the crypto community, in turn getting canceled.
This week, the crypto market saw major developments, including Donald Trump's Bitcoin plan announced at the Bitcoin 2024 Conference, WazirX's controversial hack recovery strategy, and Nvidia's advancements in humanoid robotics.
WazirX finds itself at the center of a heated controversy following a massive $230 million hack. The incident has not only raised alarming questions about the platform's security measures but has also sparked a contentious debate between WazirX and blockchain security firm TruthLabs.
WazirX, an Indian exchange, on July 18, 2024, lost more than $230 million of the client's assets due to a hack.
SHIB Army fires shots at India's top crypto exchange for proposing a one-sided reimbursement strategy.
TL;DR In July, the cryptocurrency ecosystem suffered losses of nearly $266 million due to 16 hacks, with the WazirX exchange being the most affected. Bharat Web3 Association is beefing up its cybersecurity following the WazirX hack, while Wisconsin has launched a cryptocurrency scam tracker.
The hackers involved in these attacks often used crypto mixers like Tornado Cash to obscure the origins of the stolen funds and evade detection.
Pseudonymous blockchain forensic analyst Boring Sleuth has claimed that the wallet which was recently involved in the exploit was once linked to Binance. This statement has created a lot of debate regarding the security measures of large Cryptocurrency trading platforms.
Indian crypto exchange WazirX is struggling to recover from a $230 million hack, proposing a controversial plan to distribute losses among all users while facing disputes with its custody provider and criticism for lack of insurance.
July witnessed $266 million in cryptocurrency losses from 16 attacks, with WazirX being the largest victim of North Korean hackers.
Mudrex CEO Edu Patel called out WazirX for inadequate response and controversial recovery tactics following a $230 million hack.
WazirX already launched two bounty programs. One involves a $10,000 prize money in Tether for information that leads to freezing the stolen funds. The second is a “white hat recovery” bounty of 10% of the recovered fund.
In response to the recent $230 million security breach on WazirX, the Bharat Web3 Association (BWA) is ramping up efforts to strengthen cybersecurity and enhance consumer protection within India's crypto industry.
Compromised wallet “originated from an external source,” crypto custody service says following $230 million exchange hack.
The BWA's initiatives highlight an increasing awareness of the importance of cybersecurity in preserving trust and integrity in digital finance.
In response to the recent $230 million WazirX hack, India's Bharat Web3 Association (BWA) is taking decisive steps to enhance cybersecurity and consumer protection within the crypto industry. The BWA, chaired by Dilip Chenoy, announced the formation of two new internal groups dedicated to these areas.
Indian cryptocurrency exchange WazirX's co-founder Nischal Shetty told CoinDesk that outreach efforts to different exchanges "are going to be crucial," as it remains open to "everything that is possible to help solve this situation."
The CEO of Indian crypto exchange Coindcx has criticized Wazirx's approach in response to a recent $230 million cyberattack. Urging Wazirx to take responsibility, he stressed: “Making customers directly absorb the 45% losses is utter nonsense.
Is WazirX prioritizing its own survival over user security with the “socialized loss strategy,” and how does this impact the Indian crypto community? On July 18, WazirX, India's largest crypto exchange, faced a severe cyber attack.
WazirX finds itself embroiled in controversy following a contentious poll conducted on July 27. The WaxirX poll, which sought user input on a sensitive issue, has ignited a firestorm of criticism from both industry observers and customers.
Indian crypto exchange WazirX is facing backlash over its recently announced strategy to socialize the $230-million hack loss. The exchange revealed it lost 45% of its assets in the breach and proposed a 55/45 approach for the remaining tokens.
WazirX, an Indian crypto exchange that recently lost $230M via a fraudster hack, has elicited criticism for its planned response, passing the losses down to the users.
Indian cryptocurrency exchange faces backlash after announcing plans to socialize breach losses amongst its users.
Indian crypto exchange Wazirx has assured users that the poll conducted to gather input for reopening the platform following the recent major cyberattack is not final and “not legally binding upon the users or Wazirx.” Co-founder Nischal Shetty explained that Wazirx “will soon launch a feedback form to collect more ideas.
