- December 19, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post WazirX News Today: Delhi High Court Orders Fresh Probe into $235M Hack appeared first on Coinpedia Fintech News
WazirX hack news has taken a dramatic turn as the Delhi High Court ordered a fresh investigation into the $235 million breach, following the Police’s failure to find criminal evidence in their initial probe. Coinciding with this development, Binance declared its intent to delist WazirX’s native token, WRX, on December 18th, escalating challenges for the exchange.
Allegation of Fraud and North Korea Involvement
The court’s directive came regarding a cyber attack reportedly from the North Korean hacking group, that was able exploit the vulnerabilities of the intended platform during the period of sJuly 2024. While attempts to recovery the stolen money have been made , only 57 percent of the lost amount could be recovered implying that 43 percent of the stolen customer money is untraceable.
It also drew focus to Masud Alam, a man from West Bengal, who was arrested in November. Alam is alleged to have signed up the fake account which was later sold to a hacker through the Telegram platform to affect WazirX. The actual perpetrator of the attack as still on the loose and this increases pressure on the police force to produce good results.
Of Binance, Delisting and WRX Impacts
The ruling arrived shortly after Binance moved to suspend its WRX listings over the company’s failure to meet the set operational norms. Although Binance, which has always refuted having any ownership stake in WazirX, says the mentioned exchange platform is operating under Indian laws by Zanmai Labs.
The delisting due to be implemented on December 25 has already sparked reactions in the market, with the value of WRX falling over 51% as of writing. Regarding operational integrity concerns, investors’ trust in the platform is still declining.
A Path to Recovery?
Recently WazirX has stated that it intends to relaunch the platform with a focus on better service and increased transparency and has announced its 5th town hall meeting. It has the vision to begin reopening under a recovery-oriented strategy, with the key of forging a new-age DEX.
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FAQs
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.
