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A massive Rs 2,000 crore cyberattack on WazirX, a prominent cryptocurrency exchange in India, has triggered a comprehensive investigation by multiple government agencies. The incident, which occurred in July 2024, has left millions of users in a state of uncertainty as they anxiously await the recovery of their investments. The severity of the hack has raised serious concerns about the vulnerability of Indian investors, who constitute a substantial portion of WazirX's user base.
The Financial Intelligence Unit (FIU), Intelligence Bureau (IB), and Indian Computer Emergency Response Team (CERT-In) are at the forefront of the investigation. Top officials from these agencies have been actively engaging with WazirX executives to understand the intricacies of the breach. CERT-In, under the Ministry of Electronics and Information Technology, is meticulously analyzing the technical details of the hack to identify the vulnerabilities exploited by the attackers. The IB, operating under the Home Ministry, is examining security and counterintelligence aspects, while the FIU, under the Finance Ministry, is meticulously scrutinizing financial transaction records to trace the stolen funds.
Reports indicate that the hackers have already initiated the withdrawal of stolen digital assets through Tornado Cash, a renowned open-source cryptocurrency mixing platform operating on Ethereum-compatible networks. This platform is notorious for its ability to obfuscate the origins of funds, making it exceedingly challenging for authorities to track the flow of stolen assets. WazirX, acknowledging the gravity of the situation, has disclosed that approximately 43% of its users may not recover their investments. In an attempt to assist the ongoing investigation, the exchange has provided the investigating agencies with server and transaction logs.
The situation has sparked immense frustration among WazirX users, with the exchange's recent removal of a YouTube video promoting guaranteed profits further exacerbating the anxiety. This move has raised further doubts and concerns among the investor base, highlighting the escalating pressure on the exchange to provide transparency and accountability in the wake of the devastating hack. The investigation is ongoing, and the outcome will be crucial for the future of WazirX and the broader Indian cryptocurrency ecosystem.
Source: Government Agencies Probe WazirX Hack: What Happened To The Stolen Rs 2,000 Crore?