WazirX News: Exchange Gears Up for Relaunch After $234.9M Hack

The post WazirX News: Exchange Gears Up for Relaunch After $234.9M Hack appeared first on Coinpedia Fintech News

On July 18, 2024, WazirX, an Indian cryptocurrency exchange, was forced to cease its operations, as Lazarus Group, a notorious North Korean hacker group, stole at least $234.9 million from the exchange through a hack attack.

The exchange is preparing to restart its operations. Definitely, it is not going to be a smooth start. The exchange must overcome certain challenges. The biggest one is: regaining trust.

Can the exchange regain trust? Read on!

WazirX’s Security Breach and Relaunch Plans

It was on July 18, 2024, that WazirX was hacked by Lazarus Group. At least $234.9 million was stolen from the Indian cryptocurrency exchange during the hack attack. The stolen funds were transferred to a new address handled by the North Korean hacker group. The attack led to the complete collapse of the exchange. Notably, it has considerably reduced people’s confidence in the exchange.

In a newsletter published by the WazirX team on July 25, 2024, they confirmed the attack. However, they rejected rumors speculating about the total collapse of the platform, stating that the core framework of the platform was not breached. They even expressed confidence in their ability to restart operations in the near future.

Finally, one of the most awaited pieces of news has been released: WazirX is preparing to restart its operations soon.

Reports say that after the hack, the exchange has revamped its entire security framework. However, the big question is: Can it regain trust?

Also Read :
WazirX News: Creditor Payouts May Begin by April 2025, But There’s a Catch
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WazirX’s Partnership with Zodia Custody

It appears that this time, the exchange is not ready to take any chances. Yesterday, the exchange revealed that it had appointed Zodia Custody as its official custodian.

Zodia Custody is a highly trusted institution-first digital asset custodian. It is supported by financial giants like Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank, and Emirates NBD.

WazirX’s partnership with Zodia Custody is expected to help the exchange improve its security framework and regain confidence in the exchange.

Zane Suren, Managing Director, Commercial, MEA at Zodia Custody, assured that his organisation would empower WazirX and its users to seamlessly engage with digital assets in a way that protects their capital and complies with local regulations.

Zodia Custody has SOC 1 Type I and SOC 1 Type II accreditations. The organisation can help WazirX keep its users protected from any potential hacking threats.

WazirX co-founder nischal shetty

nischal shetty

Nischal Shetty is the Founder of India’s largest and extremely trusted crypto exchange platform called WazirX. He is an entrepreneur who is passionate about technology, blockchain, crypto, and innovation. Founded WazirX in 2018 with a mission to involve every Indian in the blooming Blockchain revolution, built along with a team of passionate blockchain believers and hardcore traders. At present, he is also serving as Committer at Shardeum since February 2022 which is a sharded, infinitely scalable, community-driven completely decentralized layer 1 blockchain firm.

In 2010, Nischal became the Founder of Crowdfire which is a Software development company based in Mumbai. Via Crowdfire he helps individuals easily manage their social media profiles around multiple platforms by bringing them into a single and simple interface. Nischal Shetty began his career life holding and leading the position of Software Executive at 31 Infotech developing virtual solutions in Java and related technologies. Whereas In January 2009, he Founded Twi5 which is one stop place for discovering all the best Twitter applications and attracts thousands of visitors every day. Apart from this, he adores sharing his opinions on technology, development, and innovations. Nischal Shetty has been honored with several awards and recognitions some of which include Forbes 30 under 30, and the Inspiring CEO’s award by ET.