WazirX Hack: Transition to Multi-Signature Wallet
In a recent incident, WazirX, an Indian cryptocurrency exchange, fell victim to a $235 million hack. In response, the exchange has moved its assets to a new multi-signature wallet to enhance security and rebuild trust among its customers. This strategic shift includes the termination of their partnership with custodian Liminal, signaling a commitment to strengthening safety measures.
Enhancing Security Measures
The transition from Liminal to multi-signature wallets is a meticulous process that WazirX is approaching with caution. By implementing multi-signature technology, the exchange aims to fortify the security of its assets, ensuring better protection against potential vulnerabilities. As part of this transition, WazirX plans to disclose the addresses of the new wallets post-transfer completion, promoting transparency and accountability.
Collaboration with Experts and Recovery efforts
Following the hack, WazirX took proactive measures by suspending transactions from July 18 to July 21 and engaging with legal advisors to devise a plan for lifting the withdrawal moratorium. The exchange also collaborated with security experts, ethical hackers, and bounty hunters, receiving valuable insights on tracking the stolen funds. Consultations with financial partners are ongoing to effectively manage the aftermath of the attack.
As WazirX navigates the repercussions of the breach, its management remains committed to implementing robust security measures and fostering operational transparency. The exchange’s dedication to safeguarding user funds and restoring platform functionality is evident in its proactive approach. By leveraging technology advancements and partnering with legal and security experts, WazirX aims to mitigate future risks and enhance its overall resilience.
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