The WazirX hack saga has taken another turn as the Delhi High Court has ordered a new investigation into the $235 million breach. This comes after police failed to find criminal evidence in their initial probe. Adding to the platform’s troubles, Binance has announced plans to delist WazirX’s native token, WRX, on December 25, further complicating matters for the exchange.
With stolen funds still unaccounted for and market confidence plummeting, the road ahead for WazirX looks increasingly challenging.
Read on to uncover the full story.
The court’s order is linked to allegations of a cyber attack reportedly carried out by a North Korean hacking group. The group exploited vulnerabilities in WazirX’s systems during July 2024, leading to the massive breach. Efforts to recover the stolen funds have only been partially successful, with 57% of the lost amount retrieved. However, 43% of the stolen customer funds remain untraceable, raising concerns among investors.
The investigation has also focused on Masud Alam, a man from West Bengal arrested in November. Alam is accused of creating a fake account that was later sold to a hacker via Telegram, enabling the breach. However, the main culprit behind the attack is still at large, increasing pressure on law enforcement to deliver results.
Following the court’s ruling, Binance announced it will suspend WRX token listings, citing WazirX’s failure to meet operational standards. Binance has consistently denied owning WazirX, claiming the platform operates under Indian laws through Zanmai Labs.
The delisting, set for December 25, has already impacted the market. WRX’s value has dropped over 51% as of now, with growing concerns about the platform’s operational integrity and transparency.
In response to these challenges, WazirX has announced plans to relaunch its platform with a focus on improved service and greater transparency. The company has scheduled its 5th town hall meeting to discuss its recovery strategy. Part of this strategy includes transitioning to a decentralized exchange (DEX) model, which WazirX envisions as part of its “new-age” operational approach.
The combined pressures of a renewed investigation and Binance’s delisting decision have hit WazirX hard. As the exchange struggles to restore credibility, investor trust continues to decline.
The planned relaunch and recovery strategy will be critical!
WazirX faced a $235 million hack allegedly linked to North Korean hackers. The Delhi High Court ordered a fresh investigation.
Users can still withdraw funds, but delays are expected due to ongoing recovery efforts and operational challenges following the hack.
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