Delhi Police has arrested a West Bengal resident in connection with the $230 million WazirX hack. The suspect allegedly created a fake account and sold it on Telegram to a buyer, who reportedly used it to exploit the exchange security. Moreover, the probe revealed issues due to non-cooperation from Liminal Custody, the firm tasked with safeguarding WazirX wallets, sparking further questions.
Bengal Man Arrested in $230 Million WazirX Hack Investigation
Indian Police recent arrest of SK Masud Alam marks a breakthrough in the WazirX hack investigation, involving a $230 million theft in digital assets, reported India Today The accused allegedly registered a fake WazirX account under the alias “Souvik Mondal” and then sold it on Telegram to M Hasan, who reportedly used it to exploit the platform security.
Authorities revealed that Liminal Custody, managing the crypto exchange’s multi-signature wallets, obstructed the investigation by withholding critical data. Liminal Custody claimed misinformation in wallet data in its defense during the investigation.
WazirX requested both Indian and international exchanges to freeze wallet addresses associated with the stolen funds. Authorities seized three laptops from Zanmai Labs to check for unauthorized access. Initial analysis showed no unauthorized access, but deeper forensic analysis is underway.
Indian Investors Locked Out of Bull Market Gains
Indian investors face frustration as they can’t access their funds on WazirX during the bull run. The hack has locked users out, stopping them from buying, selling, or withdrawing their assets. As a result, many are missing out on potential profits that could have been made during this favorable market phase. The exchange announced a recovery token plan to repay creditors proportionally based on their platform balance.
Unfortunately, the exchange has not provided any updates regarding the recent arrest of the Bengal man involved in the $230 million hack. Nischal Shetty, the company founder, has remained silent on the matter. Users are left without clarity as the investigation continues and the hack continues to affect them.
Meanwhile, the hacker reportedly used Tornado Cash to launder the stolen funds, which has raised concerns among investors. As law enforcement continues to investigate the hack, many users are left wondering when they will be able to access their funds and resume normal trading activities.
Amid this turmoil, WRX price has underperformed and currently trades at $0.12. Over the past month, it’s down 5.82%, and 8% in the last 90 days, as the hack impacted users significantly.
The post WazirX Hack Arrest: Delhi Police Arrests Suspect In $230 Million Crypto Heist appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed