Indian-based exchange WazirX has lodged a complaint to the police following the recent security compromise that resulted in a $230 million cyber heist.
In addition, the exchange reported the security breach to the Financial Intelligence Unit (FIU) and the Indian Computer Emergency Response Team (CERT-In). The spotlighted agencies oversee investigations into cyber security incidents. Therefore, they could be crucial in recovering the lost assets.
Other Assets Recovery Plans
Aside from collaborating with cyber security agencies, the exchange revealed that it intends to partner with the blockchain community. The collaboration aims to trace and block addresses linked to the stolen assets.
This partnership is underway, as announced in a post on X, "We're reaching out to 500+ exchanges to block the identified addresses. Many exchanges are cooperating with us, and we are actively working with them on additional resources to aid our recovery efforts," said WazirX.
📢 Update: In response to the cyber attack, we have filed a police complaint and are pursuing additional legal actions. We will keep the community updated as we proceed.
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 19, 2024
» Immediate Actions: We have reported the incident to the Financial Intelligence Unit (FIU) and CERT-In.…
Furthermore, the exchange hinted at conducting a deeper analysis of the cyber attack to ascertain the hackers' portal of entry into its systems. WazirX also enlisted the services of forensic experts and other authorities to assist in identifying and apprehending cybercriminals.
WazirX Assures Victims Of The $230 Million Cyber Heist
While outlining its proposed actions to resolve the matter, WazirX calmed its users and promised to brief the community on subsequent developments, "Thank you for your patience and understanding. We’ll keep you posted with further updates," said the exchange in the post.
The Indian crypto space and the global crypto community are still reeling in shock from this recent attack on WazirX, the largest crypto exchange in the country. Unfortunately, it has added to the surging list of compromised exchanges, expanding the sum lost to hackers this year.
Meanwhile, for the time being, the trading platform has shut down transactions of both crypto assets and fiat. While investigations progress, speculations abound that the hackers infiltrated WazirX through a breach in a multi-coin wallet and sham Smart Contracts.
