Indian authorities have made a notable breakthrough in their investigation of the WazirX cryptocurrency exchange hack by arresting SK Masud Alam. Alam, a resident from West Bengal, is accused of masterminding the attack worth ₹2,000 crore.
The hack sought to breach both the hot and cold wallets of WazirX, a popular cryptocurrency exchange, and was executed using a phony account. This arrest marks a critical progression in addressing the security vulnerabilities within cryptocurrency exchanges.
The incident highlights the growing challenges faced by the cryptocurrency industry in terms of safeguarding digital assets against sophisticated cyberattacks and the importance of stringent security measures to prevent similar incidents in the future.
