After falling victim to a $235 million hack, Indian crypto exchange WazirX has taken decisive action to bolster the security of its remaining assets. The exchange has terminated its asset custody agreement with Liminal and has begun transferring assets to new multi-signature (multi-sig) wallets. This move is seen as essential in safeguarding the assets in the wake of the recent breach.
WazirX has acknowledged the gravity of the situation and emphasized that the transfer process will be conducted with extreme caution. The exchange has refrained from providing a specific timeline for the asset transfers to ensure that the process is meticulously managed to prevent a recurrence of the hacking incident. Furthermore, WazirX has pledged to publicly disclose the list of all new wallets once the migration is successfully completed.
Following the hack, WazirX and Liminal engaged in a blame game, each accusing the other of being responsible for the breach. While WazirX asserted that its own interface and systems remained uncompromised, it pointed fingers at Liminal’s infrastructure. Conversely, Liminal refuted these claims, insisting that its infrastructure was not the weak link and suggested that the breach originated from the crypto exchange itself.
In a bid to address the fallout from the hack, WazirX has been working tirelessly to restore balances for trades conducted between July 18 and July 21. It plans to reverse all transactions that took place after the withdrawal halt on July 18, 2024. Additionally, the exchange is collaborating with legal experts to devise a strategy for resuming withdrawals on its platform. WazirX has also enlisted the help of 344 bounty hunters, including security professionals and ethical hackers, to track down the stolen funds. Furthermore, it is in talks with seven partners to mitigate the financial repercussions of the attack.
Overall, the recent security breach has prompted WazirX to adopt a more cautious and proactive approach to protecting its assets and enhancing the safety of its platform. By implementing stringent security measures, collaborating with experts, and engaging with ethical hackers, the exchange is taking significant steps towards rebuilding trust with its users and fortifying its defenses against future threats.