Oct 24, 2024

Disclaimer: This content generated by AI & may have errors or hallucinations. Edit before use. Read our Terms of use WazirX transferred over $73 million of cryptocurrency to other cryptocurrency exchanges like KuCoin and ByBit, soon after a devastating cyberattack in July that stole $230 million, alleged CoinSwitch CEO Ashish Singhal. The exchange allegedly sent $72.13 million worth of crypto to Bybit and $1.5 million to KuCoin. Making sense of WazirX’s wallet disclosure for users Crypto exchange WazirX — which allegedly faced a cyberattack in July 2024 — has released over 240,000 wallet addresses as part of an affidavit they filed in the High Court of Singapore. These many wallet addresses can be… pic.twitter.com/QfaEmuQXUZ The revelation followed an internal audit performed by CoinSwitch on the 2.4 lakh wallet addresses released by WazirX as part of the firm’s ongoing restructuring efforts in Singapore. CoinSwitch is also pursuing legal action against WazirX after the latter failed to recover invested funds following the attack. Liminal’s Response Wallet custody infrastructure provider Liminal, which had previously feuded with WazirX over liability for the attack, accused the exchange of carrying out a “persistent disinformation campaign.” It stated that the majority of the 240,000 wallet addresses shared by WazirX were ‘hot’ wallets, while only a “handful” were cold/warm wallets, which Liminal managed. “These handful wallets held all the balance funds of approximately USD 300 million for several days and approx USD 177 million for several months after the incident,” Liminal said. The company stated that its contractual relationship with WazirX involved only a software subscription service for Liminal’s Self-Custody infrastructure platform. “Within this service, Liminal was providing WazirX with cold/warm wallets (barring one low balance hot wallet), totaling to a handful of wallets that held a variety of assets,” it said. It also pointed out that WazirX still held $50 million of user funds through Liminal infrastructure. Advertisements Background: The July cyberattack had stolen 45% of WazirX’s total funds, after which the exchange had attempted to ‘ socialise’ the losses. It decided to block 45% of all user crypto wallets, even if they did not contain any of the stolen tokens. A further shock to users came in September when WazirX decided to block 34% of their INR wallets as well, due to pending law enforcement investigations and account freezes. Also Read: