- WazirX says its recovery plans after a major hack are being slowed down by external parties who don’t want the situation resolved quickly.
- The company is focused on restructuring to address the damage and avoid bankruptcy or liquidation, which would take years to sort out.
WazirX is trying to get back on its feet, but it’s not just the aftermath of a major cyber attack that’s causing problems. The company recently said that external interference is messing with its recovery plans.
According to a statement from WazirX, there are parties outside the platform who seem more interested in dragging out the situation than helping resolve it. The exchange stressed that these disruptions are delaying the efforts to get back on track.
WazirX insists that their chosen path to restructuring is the quickest and most legally sound way to handle the situation. They made it clear that this process is not about going bankrupt or liquidating assets, which would only prolong the issue further.
Back on July 18, WazirX experienced a severe cyber attack, leading to the theft of over $230 million in crypto. The hackers targeted one of the exchange’s multisig wallets—a type of wallet designed to require multiple signatures before a transaction is authorized.
The breach happened because of a mismatch between the data shown on Liminal’s wallet interface and the actual transactions. This discrepancy allowed the attackers to gain control and make off with a lot of money.
This attack has been described as one of the largest crypto thefts in recent memory, and it has put WazirX in a difficult position. The exchange had to temporarily suspend all trading, deposits, and withdrawals to prevent further losses.
In response to the attack, WazirX says it has been working on multiple fronts to recover the stolen assets and restore confidence among its users.
The company has filed complaints with law enforcement and reached out to over 500 exchanges worldwide, asking them to block the wallet addresses identified as being involved in the theft.
They’ve also launched a bounty program, offering rewards for any information that could lead to the recovery of the stolen funds.
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