Delhi Police has made a significant breakthrough in the investigation into the $230 million WazirX hack by arresting a resident of West Bengal. The individual is accused of creating a fake account on the exchange platform, which was subsequently sold to a buyer on Telegram. This account was allegedly used to exploit vulnerabilities and perpetrate the substantial heist.
The arrest brings to light the complexities involved in cybersecurity breaches in the crypto sector and the challenge of tracing fraudulent transactions through anonymous networks. Additionally, the investigation highlighted the issue of non-cooperation from Liminal Custody, the firm responsible for managing security measures for WazirX. The lack of assistance from the firm raised questions about custodial services in the crypto industry.
This incident underscores the growing concerns around cyber security in the cryptocurrency space and the importance of cooperative measures among all stakeholders to prevent such security breaches.
