WazirX Loses $230 Million in Suspected DPRK Hack

By: Isha Das

In a shocking event, WazirX, a major cryptocurrency exchange, has reported a loss exceeding $230 million due to a cyberattack. The incident, which occurred yesterday, has been linked to hackers based in North Korea, as stated by blockchain forensics firm Elliptic. This colossal breach has left many customers stranded and searching for answers.

The financial blow is substantial, but the ramifications extend beyond the primary financial loss; it disrupts trust within the cryptocurrency community. According to Elliptic's analysis, the attackers exploited vulnerabilities in WazirX's system to siphon off the funds into various wallets, making the traceability complex and recovery efforts challenging.

Further complicating the scenario, a blame game has ensued between WazirX and Liminal Custody, its wallet custody service provider. The dispute focuses on the management and security of multisig wallets. WazirX has accused Liminal of failure to secure the wallets, while Liminal has responded by questioning WazirX's internal security protocols.

Customers of WazirX are now in a dilemma, with many voicing their frustration on social media platforms and seeking immediate resolution and transparency from the exchange. As the investigation progresses, the broader impact on the crypto market and exchange regulations is yet to be seen.