{"id":20458,"date":"2024-11-14T10:43:21","date_gmt":"2024-11-14T10:43:21","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=20458"},"modified":"2024-11-14T10:43:21","modified_gmt":"2024-11-14T10:43:21","slug":"indian-police-arrest-suspect-tied-to-234m-wazirx-cyber-attack","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=20458","title":{"rendered":"Indian Police Arrest Suspect Tied to $234M WazirX Cyber Attack"},"content":{"rendered":"

Indian authorities have made a <\/span>major<\/span> breakthrough in <\/span>the investigation of<\/span> the July cyberattack on cryptocurrency exchange WazirX, which resulted in the theft of over $234 million in digital assets. <\/span><\/p>\n

The Delhi <\/span>Police\u2019s<\/span> Special Cell arrested SK Masud Alam, a resident of West Bengal, for allegedly facilitating the attack by creating a fake account.<\/span><\/p>\n

Alam was apprehended in East Midnapore, West Bengal, and <\/span>is accused<\/span> of using the alias Souvik Mondal to open a WazirX account, which <\/span>was later sold<\/span> via Telegram to another individual, M Hasan, local outlet\u00a0<\/span>India Today reported<\/span><\/a>\u00a0Thursday.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>How to Buy Bitcoin in India<\/span><\/a><\/strong><\/p>\n

Hacker Drains <\/span>WazirX\u2019s<\/span> Hot Wallet<\/span><\/h2>\n

The hacking operation reportedly drained <\/span>WazirX\u2019s<\/span> hot wallet and attempted to access its cold wallet, which holds funds offline for added security. <\/span><\/p>\n

As part of the investigation, the police seized three laptops used by <\/span>authorized<\/span> signatories of the <\/span>platform\u2019s<\/span> multi-signature wallet system.<\/span><\/p>\n

A chargesheet filed by the Delhi Police revealed complications in the investigation, citing the alleged non-cooperation of Liminal Custody, a firm responsible for securing <\/span>WazirX\u2019s<\/span> wallets.<\/span><\/p>\n

According to the charge sheet<\/span>, Liminal failed to respond to multiple notices requesting critical data, raising questions about its security measures. <\/span>Authorities indicated that a supplementary chargesheet would further examine Liminal\u2019s role<\/span>.<\/span><\/p>\n

(Source<\/a>)<\/p>\n

Meanwhile, WazirX has <\/span>reportedly<\/span> cooperated fully with investigators, providing <\/span>key<\/span> information such as transaction logs and KYC (Know Your Customer) data.<\/span><\/p>\n

According to the police, no evidence suggests unauthorized local or remote access to the platform\u2019s systems.<\/span><\/p>\n

The July 18 cyberattack resulted in the theft of approximately 45% of <\/span>WazirX\u2019s<\/span> assets, equivalent to Rs 2,000 crore. The breach exploited vulnerabilities in a multi-signature wallet setup involving six signatories\u2014five from WazirX and one from Liminal Custody.<\/span><\/p>\n

Launched in 2018, WazirX is a leading cryptocurrency exchange in India. It enables users to trade digital currencies such as Bitcoin and Ethereum. <\/span><\/p>\n

EXPLORE:\u00a0<\/span>India May Grant Clearance to Two More Offshore Crypto Exchanges for Operations<\/span><\/a><\/strong><\/p>\n

RBI Governor Reaffirms Support For CBDC<\/span><\/h2>\n

Last month, the Reserve Bank of India (RBI) Governor emphasized the need to reduce the time and cost associated with overseas remittances while<\/span>\u00a0expanding the Real-Time Gross Settlement (RTGS) system to handle transactions in major currencies.<\/span><\/p>\n

At the Central Banking at Crossroads conference, Governor Shaktikanta Das highlighted the role Central Bank Digital Currencies (CBDCs) could play in enhancing cross-border payments.<\/span><\/p>\n

The RBI Governor also underscored CBDCs\u2019 potential to facilitate efficient cross-border payments. India is among the few countries <\/span>that have<\/span> launched\u00a0<\/span>wholesale and retail versions of CBDCs.<\/span><\/p>\n

As reported, Finance Minister Nirmala Sitharaman has\u00a0<\/span>upheld the controversial crypto tax regulations<\/span><\/a> during the fiscal year 2024-2025 budget announcement.<\/span><\/p>\n

Despite extensive lobbying from the cryptocurrency industry, which presented substantial evidence to advocate for reducing the tax-deducted-at-source (TDS) policy from 1% to 0.01%, the existing rules remain unchanged.<\/span><\/p>\n

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Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/a><\/strong><\/p>\n

The post Indian Police Arrest Suspect Tied to $234M WazirX Cyber Attack<\/a> appeared first on <\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Indian authorities have made a major breakthrough in the investigation of the July cyberattack on cryptocurrency exchange WazirX, which resulted in the theft of over $234 million in digital assets. The Delhi Police\u2019s Special Cell arrested SK Masud Alam, a resident of West Bengal, for allegedly facilitating the attack by creating a fake account. Alam […]<\/p>\n","protected":false},"author":0,"featured_media":20459,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-20458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/20458"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20458"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/20458\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/20459"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}