The Indian crypto exchange WazirX says it has frozen $3 million worth of the stablecoin USDT connected to the massive $230 million hack on its platform last year. WazirX says the freeze represents an “important milestone” in recovering user assets. “Why This Matters: » Rapid Action: Freezing the funds stops them from being moved and […]
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New data from cybersecurity firm Hacken reveals that $1.7 billion worth of crypto assets were lost through the theft of private keys in 2024. In its 2024 Web3 Security Report, Hacken says that the theft of private crypto keys remains the most “significant” threat to crypto investors. According to Hacken, the number of smart contract […]
The post Nearly $1,700,000,000 in Crypto Lost Through Private Keys Theft As Access Control Exploits Becomes Major Threat appeared first on The Daily Hodl.
India has recovered $14 million in goods and services tax from crypto firms like WazirX, but Binance has yet to pay its $85 million tax evasion liabilities, the minister said.
The Indian government has detected a significant amount of unpaid goods and service taxes (GST) by major cryptocurrency exchanges, including Binance and WazirX.
India’s Minister of State for Finance, Pankaj Chaudhary, said the government has found 824 crore Indian rupees ($97 million) in GST in unpaid taxes by several crypto exchanges, The Economic Times reported on Dec. 3.
Authorities have reportedly initiated multiple related investigations into crypto exchanges, including WazirX, CoinDCX and CoinSwitch Kuber.
WazirX founder Nischal Shetty also announced the upcoming introduction of staking services to the centralized cryptocurrency exchange.
Nischal Shetty, the founder of the popular Indian crypto exchange WazirX, announced the company is expanding operations and exploring building a separate decentralized exchange (DEX) that will operate alongside the company's current centralized service.
According to Shetty, the decision to launch a DEX is a response to the July 2024 WazirX hack — which drained the exchange of approximately $235 million in user funds — and should help eliminate the counter-party risk inherent in centralized platforms. The WazirX founder asserted:
The WazirX founder also revealed plans to launch a corresponding DEX token to pay for fees on the platform and provide an instrument for governance.
Liminal Custody has released an update addressing the allegations and misinformation surrounding the Wazirx security breach. The company clarified that while Wazirx blamed it for the incident, the exchange continued using Liminal’s infrastructure to manage user funds. Liminal emphasized it had no control over the wallets in question and criticized Wazirx for not adopting key […]
Indian crypto exchange Wazirx has secured a four-month moratorium granted by a Singapore court, providing time for the company to address its financial obligations while crafting a resolution plan. Wazirx explained that as part of the court’s conditions, it will “make wallet addresses public via a court affidavit, respond to user queries raised in the […]
Shezmu recovered nearly $5 million in stolen crypto through negotiations with a hacker and agreed to a higher bounty.
Leveraging yield protocol, Shezmu recovered nearly $5 million of stolen funds within hours of successfully negotiating with a hacker.
On Sept. 21, Chaofan Shou, the co-founder of blockchain analytics firm Fuzzland, alerted against a compromised storage vault belonging to Shezmu. While uncertain if the incident was a rug pull or a genuine hack, Shou confirmed that roughly $4.9 million worth of cryptocurrencies was stolen in the process.
Source: Chaofan Shou
WazirX’s $235 million hack recovery efforts face hurdles as internal findings yield little to no significant breakthroughs.
Two months after hackers managed to steal over $230 million from India-based crypto exchange WazirX, the status of customer funds remains in doubt as the exchange and its custody provider, Liminal, continue to play the blame game.
Both firms continue to accuse the other of being at fault for the breach that allowed the hacker to steal customer funds, and there appears to be no resolution in sight, especially with internal investigations seemingly moving ahead at a snail’s pace.
Most recently, the firm faced legal threats from its customers, with the most notable pursuant being another rival exchange, CoinSwitch. The company initiated legal action against Wazir to recover 2% of its funds worth approximately $6.2 million.
Source: CoinSwitch
Crypto exchange Binance has responded to accusations from Wazirx and Zettai about how its dispute with Wazirx affects user funds lost in the July cyberattack. The company insists that responsibility for the incident lies with Wazirx’s management under Zanmai and Zettai, not Binance. Rejecting claims from co-founder Nischal Shetty, Binance maintains it “bears no responsibility […]
The world’s leading cryptocurrency exchange by trading volume is distancing itself from a cyberattack that recently compromised the WazirX trading platform. In a statement released today, Binance said that it has never owned, controlled, or operated WazirX and that it was not involved in the compromised wallet, contrary to speculation. “The WazirX team and Nischal […]
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