Altcoin
Delhi Police Arrests Suspect In $230 Million Crypto Heist
Delhi Police has arrested a West Bengal resident in connection with the $230 million WazirX hack. The suspect allegedly created a fake account and sold it on Telegram to a buyer, who reportedly used it to exploit the exchange security. Moreover, the probe revealed issues due to non-cooperation from Liminal Custody, the firm tasked with safeguarding WazirX wallets, sparking further questions.
Bengal Man Arrested in $230 Million WazirX Hack Investigation
Indian Police recent arrest of SK Masud Alam marks a breakthrough in the WazirX hack investigation, involving a $230 million theft in digital assets, reported India Today The accused allegedly registered a fake WazirX account under the alias “Souvik Mondal” and then sold it on Telegram to M Hasan, who reportedly used it to exploit the platform security.
Authorities revealed that Liminal Custody, managing the crypto exchange’s multi-signature wallets, obstructed the investigation by withholding critical data. Liminal Custody claimed misinformation in wallet data in its defense during the investigation.
WazirX requested both Indian and international exchanges to freeze wallet addresses associated with the stolen funds. Authorities seized three laptops from Zanmai Labs to check for unauthorized access. Initial analysis showed no unauthorized access, but deeper forensic analysis is underway.
Indian Investors Locked Out of Bull Market Gains
Indian investors face frustration as they can’t access their funds on WazirX during the bull run. The hack has locked users out, stopping them from buying, selling, or withdrawing their assets. As a result, many are missing out on potential profits that could have been made during this favorable market phase. The exchange announced a recovery token plan to repay creditors proportionally based on their platform balance.
Unfortunately, the exchange has not provided any updates regarding the recent arrest of the Bengal man involved in the $230 million hack. Nischal Shetty, the company founder, has remained silent on the matter. Users are left without clarity as the investigation continues and the hack continues to affect them.
Meanwhile, the hacker reportedly used Tornado Cash to launder the stolen funds, which has raised concerns among investors. As law enforcement continues to investigate the hack, many users are left wondering when they will be able to access their funds and resume normal trading activities.
Amid this turmoil, WRX price has underperformed and currently trades at $0.12. Over the past month, it’s down 5.82%, and 8% in the last 90 days, as the hack impacted users significantly.
Coingape Staff
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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