WazirX News: Crypto Exchange Set for Relaunch After $234.9M Hack

On July 18, 2024, WazirX, one of India’s leading cryptocurrency exchanges, was hit by a massive cyberattack. Lazarus Group, a notorious North Korean hacking group, infiltrated the platform and stole a staggering $234.9 million – one of the biggest crypto heists in recent history.

The attack sent shockwaves through the crypto world. WazirX collapsed overnight, and users were left wondering if their funds were gone forever. Confidence in the exchange plummeted.

But now, against the odds, WazirX is preparing for a comeback. The big question is – can it win back the trust it lost?

Building a Stronger Security System

On July 25, 2024, WazirX confirmed the hack in a newsletter but dismissed rumors that the platform was beyond recovery. The team assured users that its core system was not breached and expressed confidence in making a comeback.

To prevent another attack, WazirX has strengthened its security measures. A key part of this effort is its new partnership with Zodia Custody, a highly trusted digital asset custodian backed by major financial institutions like Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank, and Emirates NBD.

This partnership is expected to add an extra layer of security, helping WazirX protect its users from future threats.

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Experts Weigh In

Zane Suren, Managing Director, Commercial, MEA at Zodia Custody, assured that his organization would help WazirX and its users securely manage their digital assets while staying compliant with regulations.

Zodia Custody holds SOC 1 Type I and SOC 1 Type II accreditations, further proving its reliability in safeguarding digital funds. With Zodia’s support, WazirX aims to prevent another major security breach.

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.  EntrepreneurDeveloper/ProgrammerChief Executive OfficerAuthor , remains optimistic. He believes the partnership will play a key role in rebuilding confidence and ensuring a safer trading experience for users.

The Road Ahead

While WazirX has taken strong steps to improve security, earning back user trust will take time. Transparency, accountability, and a clear commitment to safety will be essential in convincing investors that the exchange is ready for a fresh start.

Will WazirX rise from the ashes? Time will tell.