WazirX takes legal action in response to security breach

After facing a brazen security breach, Indian crypto exchange WazirX has decided to take a legal route to resolve the matter. According to a post on a social media platform, the exchange has filed a police complaint and reported the incident to the concerned authorities.

WazirX takes legal action

WazirX has announced that it has reported the cyberattack to the authorities and plans to take further legal action. As part of the immediate measures, the cryptocurrency exchange has notified CERT-In and the Financial Intelligence Unit (FIU) of the incident. The exchange is also attempting to block the detected addresses by contacting over 500 exchanges. Numerous exchanges have been supportive so far and have actively worked with them to provide more resources to support the recovery efforts.

The future course of action for the crypto exchange will be to track down the stolen funds, recover client assets, and conduct a more thorough investigation into the cyberattack. In order to find and arrest the perpetrators, WazirX is also working with law enforcement and forensic specialists.

WazirX Security Breach: What Exactly Happened?

One of India’s largest cryptocurrency companies, WazirX, suffered one of the largest hacks on an Indian exchange when it was reported that hackers had taken over $230 million in customer assets, almost half of the platform’s reserves. The event will shed light on the security vulnerabilities of cryptocurrency exchanges and how hackers from around the world have targeted them.

The security breach was described by WazirX as a “force majeure event” that was “outside of its control.” The company released a statement saying, “We are in contact with the best resources to assist us in this investigation.” They also added, “We have immediately reached out to the affected wallets to arrange for restoration and have halted a few deposits.”

Crypto hacks are still a problem for the industry

The past few years have seen a noticeable increase in the frequency and magnitude of cryptocurrency hacking, resulting in billions of dollars being stolen from cryptocurrency platforms and exposing weaknesses across the ecosystem. 2022 was the biggest year for cryptocurrency theft ever, with $3.7 billion stolen, as we revealed in the previous year’s Crypto Crime Report. While the total amount of money stolen decreased by around 54.3% to $1.7 billion in 2023, there were more hacking incidents: 219 in 2022 compared to 231 in 2023.