WazirX Faces Security Crisis: Withdrawals and Trading Temporarily Halted
Monday, 22 July 2024, 14:16
WazirX Halts Operations Due to Security Issues
WazirX has announced that it will be suspending all user withdrawals and trading following a major security breach.
Details of the Breach
The security incident resulted in the theft of $230+ million from a compromised multisig wallet.
Company's Response
- WazirX is actively working to restore withdrawals.
- The company has received over 80 bounty intents from security researchers within 24 hours.
- This event emphasizes the need for enhanced security protocols.
Conclusion
The incident has rattled the cryptocurrency market and raised serious questions regarding security protocols within exchanges. WazirX is committed to addressing these issues as they work towards resuming services for their users.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.