In India, police have arrested SK Masud Alam from West Bengal for his suspected involvement in the $230 million WazirX hack. The incident left users unable to access their funds.
Alam is charged with creating a fake account, which was allegedly sold to a hacker, used to exploit the crypto exchange. The responsible account was reportedly sold via Telegram.
The hack, a major security incident of 2024, affected a multi-signature wallet with five WazirX signatories and one from Liminal. This led to nearly 45% of WazirX’s assets being lost.
WazirX initiated a recovery plan, hoping to return 55% of user holdings, while the remainder was issued in USDT-equivalent tokens, leaving many with inaccessible funds.
Despite WazirX offering a substantial bounty for recovering stolen assets, users remain locked out as the market experiences a significant bull run, aggravating their frustration.
Criticism has been aimed at WazirX for its recovery efforts and a 'rebalancing calculator,' which some see as confusing and unsatisfactory.
Security issues persist in the cryptocurrency industry, with recent attacks targeting other exchanges and the US government's crypto wallets, indicating an ongoing trend of sophisticated hacks.
