- WazirX is migrating its remaining assets to new multisig wallets to prevent further breaches after a $230 million hack.
- The July 18 hack compromised 45% of WazirX’s customer funds, prompting a careful migration to secure customer assets.
- WazirX plans to publish a list of new wallets post-migration to ensure transparency and address ongoing customer concerns.
WazirX, an Indian cryptocurrency exchange, announced that it is ending its custody arrangement with Liminal Custody. This decision follows a notable security breach that led to the theft of Rs 2,000 crore ($230 million) from its multisig wallet. Consequently, WazirX is migrating its remaining assets to new multisig wallets to enhance security.
https://x.com/Satoshi_Talks/status/1823714219239395820
The hack, which occurred on July 18, resulted in the loss of 45% of the exchange’s customer funds. Hence, WazirX is taking careful steps to transfer its assets to prevent further breaches. The migration is crucial to safeguarding customer funds after the incident.
“We are in the process of migrating the remaining assets held with Liminal to new multisig wallets,” WazirX stated on X. “This step is essential to ensure maximum security of the assets in light of recent events. While we believe our interface and systems remain uncompromised, the same cannot be said for the custodian’s interface post the July 18 incident, prompting this precaution.”
https://x.com/WazirXIndia/status/1823648822461149389
WazirX emphasized the complexity of the migration process and the importance of extreme caution. Besides, the exchange assured its users that their safety remains the top priority during this transition. Although the timeline for completion remains uncertain, the exchange is focused on securing its crypto assets.
Additionally, WazirX plans to publish a list of all new wallets once the migration is complete. This transparency aims to address ongoing customer concerns regarding the stolen assets.
The July 18 breach saw hackers exploit WazirX’s multisig wallet, stealing over $230 million worth of cryptocurrencies. The compromised wallet had four key holders, three from WazirX and one from Liminal Custody.
WazirX is now focused on securing its platform and protecting customer assets from further threats. The exchange continues to work diligently to restore trust and security in its operations.
