{"id":89881,"date":"2024-08-15T09:06:22","date_gmt":"2024-08-15T13:06:22","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=89881"},"modified":"2024-08-15T09:10:38","modified_gmt":"2024-08-15T13:10:38","slug":"wazirx-plans-maintenance-to-recover-balances","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/wazirx-plans-maintenance-to-recover-balances\/","title":{"rendered":"WazirX Plans Maintenance to Recover Balances Post $234M Hack"},"content":{"rendered":"\n

WazirX's ability to restore balances and secure assets<\/a> will determine its future and industry security.<\/p>\n\n\n\n

\"WazirX<\/figure>\n\n\n\n

The hacked Indian cryptocurrency exchange WazirX has announced a scheduled maintenance period to restore account balances and reverse specific trades. <\/p>\n\n\n\n

According to a post on the X social platform, the maintenance\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> will occur from 6 pm on August 15 to 2 am IST on August 16, during which all WazirX services will be temporarily suspended.<\/p>\n\n\n\n

Background of the Hack<\/h2>\n\n\n\n

The breach, which came to light on July 18, resulted in the theft of $234.9 million in cryptocurrency assets. <\/p>\n\n\n\n

Web3 security firm Cyvers first detected the hack, identifying several suspicious transactions<\/a> from WazirX\u2019s Safe Multisig wallet on Ethereum. <\/p>\n\n\n\n

The attack has significantly impacted the exchange, leading to swift actions to secure the remaining assets and address the irregularities. <\/p>\n\n\n\n

Users have expressed concern and dissatisfaction over the situation.<\/p>\n\n\n\n

\n

\ud83d\udce2 Scheduled Maintenance

We will be undergoing maintenance from 6 PM on 15th August to 2 AM IST on 16th August to restore balances of all accounts and undo all trades made on the WazirX platform after the stoppage of withdrawals at 1 PM IST on 18th July 2024. Please note that\u2026 pic.twitter.com\/IwpaZysVhG<\/use><\/svg><\/span><\/a><\/p>— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 15, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

As WazirX moves forward with its restoration plan, the exchange is committed to rebuilding user trust and strengthening security measures. <\/p>\n\n\n\n

However, to be transparent, WazirX plans to publish a list of all new wallets after the migration is complete.<\/p>\n\n\n\n

Restoration and Responsibility Dispute<\/h2>\n\n\n\n

WazirX\u2019s decision to perform maintenance stems from the need to ensure a fair outcome for its users following the irregularities caused by the hack. <\/p>\n\n\n\n

By restoring account balances and undoing trades made after the withdrawal halt at 1 pm IST on July 18, the exchange aims to reduce the financial impact on its users.<\/p>\n\n\n\n

The hack has sparked a dispute between WazirX and Liminal regarding who is responsible for the breach. <\/p>\n\n\n\n

While Liminal employees have asserted that their platform was not compromised, WazirX has claimed the hack resulted from vulnerabilities in Liminal\u2019s interface. <\/p>\n\n\n\n

Liminal's report suggested that compromised WazirX machines were the source of the exploit, further complicating the matter.<\/p>\n\n\n\n

In a statement issued on August 14, WazirX announced that it is migrating the remaining assets held with Liminal to new multisignature (multisig) wallets. <\/p>\n\n\n\n

This step is crucial for ensuring maximum asset security.<\/p>\n\n\n\n

A multisig wallet is a cryptocurrency wallet that requires multiple signatures to authorize and execute transactions. <\/p>\n\n\n\n

In WazirX\u2019s case, their multisig wallet involved six authorized signers, one from Liminal and five from WazirX.<\/p>\n\n\n\n

Meanwhile, the hacker responsible for the $235 million exploit has converted nearly $150 million of altcoins into Ether in an attempt to prevent the funds from being frozen or blacklisted.<\/p>\n","protected":false},"excerpt":{"rendered":"

WazirX’s ability to restore balances and secure assets will determine its future and industry security. The hacked Indian cryptocurrency exchange WazirX has announced a scheduled maintenance period to restore account balances and reverse specific trades. According to a post on the X social platform, the maintenance will occur from 6 pm on August 15 to […]<\/p>\n","protected":false},"author":56,"featured_media":89884,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11476,21],"tags":[710,376,984,937,12002,320],"class_list":["post-89881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hacks-and-scams","category-news","tag-business","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-hackers","tag-hacks","tag-india"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/08\/WazirX-Plans-Maintenance-to-Recover-Balances-Post-234M-Hack.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/89881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=89881"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/89881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/89884"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=89881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=89881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=89881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}