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WazirX confirms 43% of customer funds unrecoverable following $230 million cyberattack, begins restructuring

Posted on September 2, 2024 by Dissent

Ouch. Rachna Dhanrajani  reports:

India’s cryptocurrency exchange WazirX, on Monday, revealed that 43% of customer funds lost in a recent cyberattack are unlikely to be recovered. In a virtual press conference, the exchange announced it is undergoing a restructuring process, which could take up to six months. They are also in discussions with a potential investor to inject funds and explore partnerships.

[…]

The cyberattack, which WazirX confirmed on July 18, involved the loss of over $230 million from one of its multisignature wallets. WazirX reported that the wallet was operated using Liminal’s digital asset custody and wallet infrastructure.

According to the company’s preliminary investigation, the attack stemmed from “a discrepancy between the data displayed on Liminal’s interface and the transaction’s actual contents.” The attack is suspected to have been carried out by the Lazarus Group, a notorious cybercriminal organisation allegedly backed by North Korea.

Read more at CNBCTV18.

 

 

Category: Financial SectorHackNon-U.S.Of Note

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