WazirX Hacked for $230M, Largely in SHIB, as Elliptic Says North Korea Behind

[Z-tight]

But if they spend money like on campaigns then people in the hope of making money might do trading and store funds on the exchange.

Spend money on what kind of campaigns? I don't think there is a way back for this exchange, they lost so much to this hack, and for the fact that they are suggesting a 'socialized loss' strategy to resolve this issue and allow customers' have access to only 55% of their assets shows that they are not serious and there is no solution in sight.

[pakhitheboss]

snip..

Slowly a demand for CBI enquiry is growing up. CBI is like FBI for India and the demand is coming from the exchange user who wants transparent investigation. There are speculations that this was a inside job as WazirX has not been clear about many things. The worst part about it that the government of India doesn't have any regulation yet for crypto whereas they are already implemented high tax on cryptocurrency transaction and trading.

Source

[Z-tight]

There are speculations that this was a inside job as WazirX has not been clear about many things. The worst part about it that the government of India doesn't have any regulation yet for crypto whereas they are already implemented high tax on cryptocurrency transaction and trading.

It could well be an inside job, there are always such speculations whenever an exchange is hacked or when there is a data breach in any system, we would see what happens with the investigations, but for sure it is going to be a long process. Creditors should not expect that this could be settled in a short time, because it won't.

[Baofeng]

There are speculations that this was a inside job as WazirX has not been clear about many things. The worst part about it that the government of India doesn't have any regulation yet for crypto whereas they are already implemented high tax on cryptocurrency transaction and trading.

It could well be an inside job, there are always such speculations whenever an exchange is hacked or when there is a data breach in any system, we would see what happens with the investigations, but for sure it is going to be a long process. Creditors should not expect that this could be settled in a short time, because it won't.

Yeah, that is a big possibility as well, recently, our local exchange Coins.ph was hacked. And then we have a lot of speculations as who might be the culprit. And we haven't heard any updates from them until last month when they say that the 2 Russian they hired as a consultant was the one who perpetuated the millions of dollars hacked on them.

So we can't really rule out that it could be inside job and maybe we will know the truth later similar to what had happened to our local exchange.

[pakhitheboss]

snip..

In your case the exchange was transparent about the hack and the investigation that they completed. In WazirX case the exchange has not been transparent with the investigation and that why those who lost are now demanding an inquiry by the CBI. This is a genuine demand but on the other hand such inquires will take time and in the meantime those who suffered due to this hack would have to wait for their funds.

[Faisal2202]

Spend money on what kind of campaigns? I don't think there is a way back for this exchange, they lost so much to this hack, and for the fact that they are suggesting a 'socialized loss' strategy to resolve this issue and allow customers' have access to only 55% of their assets shows that they are not serious and there is no solution in sight.

Haha socialized loss strategy what a joke, why would the customers prefer this option. Although they have no other option because their decision of choose this exchange was a mistake in the first place. Now they have to bear all this fuss and great lose at least those who lot in MT Gox and FTX exchange have some insurance in the form of the statement that they will receive their funds in full but this is just so insane.

After this statement no campaign can help them really, I was unaware of this statement but now as I know, it made me say the same thing that no one really will take WazirX seriously from now on.

[Z-tight]

Yeah, that is a big possibility as well, recently, our local exchange Coins.ph was hacked. And then we have a lot of speculations as who might be the culprit. And we haven't heard any updates from them until last month when they say that the 2 Russian they hired as a consultant was the one who perpetuated the millions of dollars hacked on them.

Oh, i have not heard of this news, probably because Coins.ph is a local exchange in the Philippines. I believe that some exchange hacks are inside jobs and if it is a small exchange, i can even going as far as saying it was perpetrated by the exchange themselves, of which they will make up an excuse of what happened to the funds.

[Baofeng]

snip..

In your case the exchange was transparent about the hack and the investigation that they completed. In WazirX case the exchange has not been transparent with the investigation and that why those who lost are now demanding an inquiry by the CBI. This is a genuine demand but on the other hand such inquires will take time and in the meantime those who suffered due to this hack would have to wait for their funds.

No they are not transparent, they didn't even acknowledge that they were hacked already. I even send them a personal email to ask what happen but they just answered that funds are safe.

But in this case, they already acknowledge the hack in the beginning and try to make measures to catch the thief by offering bounties. And then the one to suffer here is the obvious customers as funds are not SAFU.

[pakhitheboss]

No they are not transparent, they didn't even acknowledge that they were hacked already. I even send them a personal email to ask what happen but they just answered that funds are safe.

But in this case, they already acknowledge the hack in the beginning and try to make measures to catch the thief by offering bounties. And then the one to suffer here is the obvious customers as funds are not SAFU.

In both cases, it is evident that those who are into crypto are not able to understand the concept of "Not your, not your coin". If those users on both exchanges had not kept their coins in the exchange wallet then they would not have faced such a situation. I have read. a lot of users from WazirX discussing the amount the lost on Reddit and now they are repenting for their decisions.

[ZAINmalik75]

No they are not transparent, they didn't even acknowledge that they were hacked already. I even send them a personal email to ask what happen but they just answered that funds are safe.

But in this case, they already acknowledge the hack in the beginning and try to make measures to catch the thief by offering bounties. And then the one to suffer here is the obvious customers as funds are not SAFU.

In both cases, it is evident that those who are into crypto are not able to understand the concept of "Not your, not your coin". If those users on both exchanges had not kept their coins in the exchange wallet then they would not have faced such a situation. I have read. a lot of users from WazirX discussing the amount the lost on Reddit and now they are repenting for their decisions.

People already know that if you don't own the keys then you don't own the funds but they only these low-key exchanges because of availability and events. Many join to trade tokens and coins only listed there. No one saw it coming and that's how a hack is supposed to come. If anyone has predicted the coming situation then why would they be using it still.

Before choosing an exchange I first look up to their reserves and past hack, scam, and security level events to conclude if the exchange is worth it. Even if it's worthy I won't be holding most of my funds in one exchange because it's not wise.

[pakhitheboss]

Before choosing an exchange I first look up to their reserves and past hack, scam, and security level events to conclude if the exchange is worth it. Even if it's worthy I won't be holding most of my funds in one exchange because it's not wise.

It was one of the most trusted exchanges and had the highest volume in India. Another important factor why the Indian crypto community had chosen WazirX was the availability of different pairs for trading. Those who lost their funds were mainly traders who were using WazirX for regular trading of meme coins. But, now these traders have learned the hard way and it would be not that easy for them to recover their funds.

[MrSpasybo]

It was one of the most trusted exchanges and had the highest volume in India. Another important factor why the Indian crypto community had chosen WazirX was the availability of different pairs for trading. Those who lost their funds were mainly traders who were using WazirX for regular trading of meme coins. But, now these traders have learned the hard way and it would be not that easy for them to recover their funds.

It's unfortunate that WazirX has been attacked and hacked. I hope they can recover from the losses soon and that users will be compensated instead of losing their assets stored on the exchange. This will be another reminder for us to self-custody our crypto assets.

The good news for investors in India is that Binance has returned and is providing services to them. I believe that Binance has much better security than WazirX and Binance also has SAFU to protect user assets in the worst-case scenarios.

• Binance returns to India as registered crypto exchange following 7-month ban

[pakhitheboss]

The good news for investors in India is that Binance has returned and is providing services to them. I believe that Binance has much better security than WazirX and Binance also has SAFU to protect user assets in the worst-case scenarios.

It is a piece of good news for the Indian crypto community as before the ban Indians were the biggest user of Binance than the local exchanges. Now, the concern is whether they will be charging their Indian community with 1% TDS (Tax Deduction at Source) from 2022 or from this year. 2022 was the year when the Indian government implemented the Tax on cryptocurrency trading. At that time Binance was not in India but Indian users were using the exchange.

[Manna]

WazirX recently suffered a cryptocurrency hack worth around $230 million, most of which was SHIB (Shiba Inu).  According to reports, North Korean hacker group may be behind this hacking.  Due to serious security concerns, WazirX and other related parties are investigating the hack and taking remedial measures.  You must take the help of google to know about it completely.

[ZAINmalik75]

It was one of the most trusted exchanges and had the highest volume in India. Another important factor why the Indian crypto community had chosen WazirX was the availability of different pairs for trading. Those who lost their funds were mainly traders who were using WazirX for regular trading of meme coins. But, now these traders have learned the hard way and it would be not that easy for them to recover their funds.

Its true that the exchange is trusted among Indians and they must be using it to support their own product and brands because that's what they have been doing for the past few years. They create their own brand and depend on it instead of depending on foreigner brands. I like this method.

Those who lost funds are not in a bad situation including the condition of the market is also bad so they are in more bad condition so they have now choice now and have to accept the offer WazirX has made to them even if they have to face loss.