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Firm Working With 500 Exchanges And FIU To Recover Funds – Crypto News

Published

12 months ago

July 19, 2024

Dripp

Crypto exchange, WazirX has filed a police complaint alongside other steps to recover lost crypto assets. The company highlighted plans to protect users’ funds including wider collaborations with the blockchain community. The WazirX hack saw $230 million in losses from the market raising eyebrows to the state of crypto firms.

WazirX Files Police Report, Intensifies Investigations

WazirX has updated its community on ongoing efforts to recover lost funds from its exchange. In a July 19 post on X (formerly Twitter), the platform stated that a police complaint has been filed in addition to legal charges while the community remains informed. In the meantime, the incident has been reported to the Financial Intelligence Unit (FIU) and CERT-In.

“Immediate Actions: We have reported the incident to the Financial Intelligence Unit (FIU) and CERT-In. We’re reaching out to 500+ exchanges to block the identified addresses. Many exchanges are cooperating with us, and we are actively working with them on additional resources to aid our recovery efforts.”

Efforts to work with over 500 crypto exchanges were lauded by the community as bad actors will send assets to several on-chain platforms. Furthermore, WazirX restated a commitment to recover stolen and analyze deeply how the incident occurred. This includes collaboration with forensic experts and law enforcement to conduct all necessary investigations.

📢 Update: In response to the cyber attack, we have filed a police complaint and are pursuing additional legal actions. We will keep the community updated as we proceed.

» Immediate Actions: We have reported the incident to the Financial Intelligence Unit (FIU) and CERT-In.…

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) July 19, 2024

While crypto users appreciate these steps, they remain shocked by the level of losses with the capacity to drive down institutional sentiments.

An Unfortunate $230M Hack

India’s largest crypto exchange recorded a $230 million hack that stunned the crypto community due to a security breach on its platform. The company immediately shut down crypto and rupee withdrawals. Initial reports say the breach occurred following a breach in one of the multisig wallets. Subsequently, the team added that its has discovered two more exploited smart contracts with more investigations underway.

Also Read: BTC Price: Institutions Bet Big On $100,000 Bitcoin Call Options

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