In response to a $235 million hack, Indian crypto exchange WazirX has made the decision to terminate its asset custody arrangement with Liminal. This move comes after the breach and aims to improve the security of the remaining assets by transferring them to new multi-signature wallets. The exchange emphasized the need for maximum security in light of recent events and pointed out the potential vulnerabilities in the custodian’s interface post the July 18th incident.
WazirX highlighted the importance of exercising extreme caution in the transfer process to prevent a recurrence of the hacking incident. While no specific timeline was provided for these asset transfers, the exchange assured users that it would carefully manage the process. In addition, WazirX plans to release the list of all new wallets once the migration is complete to ensure transparency.
Following last month’s hack, WazirX and Liminal engaged in a blame game over the source of the breach. WazirX maintained that its interface and systems were secure, shifting the responsibility to Liminal. On the other hand, the custodial service provider refuted these claims and implied that the breach originated from the crypto exchange itself. As part of the recovery process, WazirX is in the final stages of restoring balances for trades conducted between July 18 and July 21 and is working on resuming withdrawals on its platform.
The company’s collaboration with legal experts and the active involvement of 344 bounty hunters demonstrate a concerted effort to track the stolen funds and address the financial implications of the attack. Furthermore, discussions with seven partners signify a proactive approach to mitigating the aftermath of the security breach. By prioritizing security, transparency, and collaboration, WazirX is striving to strengthen its position in the crypto industry and protect user assets.
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