On July 18, a cybercriminals hacker targeted cryptocurrency exchange WazirX, which is home to almost 15 million investors. As a result, $235 million was stolen from the Ethereum wallet of the company. of the exchange’s assets were lost as a result of the attack, about 45%. WazirX and federal investigators are currently collaborating closely to look into the issue.
Regarding the unauthorized removal of cryptocurrency tokens from the exchange’s wallet on July 18, a number of government agencies, including the Indian Computer Emergency Response Team (CERT-In), the Financial Intelligence Unit (FIU), and the Intelligence Bureau (IB), have been questioning WazirX’s founders over the past few weeks. According to an industry insider, officials have demanded specific details regarding the illicit transactions.
WazirX has also been looking into the potential for an inside conspiracy, but so far, no misconduct has been found. Eight to ten government representatives met with WazirX employees in their Mumbai office to learn more about how the exchange’s employees were able to obtain the $235 million worth of tokens through hacking.
Agencies’ Responsibilities
The FIU, which functions under the Ministry of Finance, is responsible for monitoring and evaluating suspicious financial transactions. The Ministry of Home Affairs’ Intelligence Bureau (IB) has been entrusted with examining the hack’s security and counterintelligence components. The technical facets of the cybercrime probe are being handled by CERT-In, the Ministry of Electronics and IT’s nodal body for tackling cyber threats.
Details Shared by WazirX
According to reports, WazirX has made available transaction trails, blockchain addresses connected to the attack, and logs from its computers and servers. The authorities and the exchange have met numerous times, despite the fact that no tangible assets—like laptops—have been removed. The exchange continues to cooperate with the authorities and frequently updates the agencies on the progress of the inquiry.
Furthermore, FIU and other organizations have gotten in touch with a number of cryptocurrency sector participants, particularly in the wake of the WazirX attack. Because the size of the illicit transfers directly affects retail investors, the government is concerned. Sources suggest that the authorities have requested information to better comprehend the exchange’s structure, transfer processes, and liquidity.
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