The latest update on the WazirX hack has seen the Delhi High Court ordering a fresh investigation into the $235 million breach due to the police’s failure to find criminal evidence in their initial probe. This development comes as Binance declared its decision to delist WazirX’s native token, WRX, on December 18th, causing a 51% drop in token value and escalating challenges for the exchange. The hack has been linked to a cyber attack reportedly from a North Korean hacking group that exploited vulnerabilities on the platform in July 2024. Despite recovery efforts, only 57% of the stolen money has been recovered, leaving 43% untraceable.
The court’s directive also brought attention to Masud Alam, a man from West Bengal, who was arrested in November for allegedly signing up a fake account that was later sold to a hacker through the Telegram platform to target WazirX. The actual perpetrator of the attack is still at large, putting pressure on the police to produce results. The ruling came shortly after Binance decided to suspend its WRX listings due to WazirX’s failure to meet operational norms. Although Binance has denied having any ownership stake in WazirX, it claims that the exchange platform is operating under Indian laws by Zanmai Labs.
The delisting of WRX, set to take effect on December 25, has already led to a significant drop in the token’s value, raising concerns about operational integrity and investor trust in the platform. In response to these challenges, WazirX has announced plans to relaunch the platform with a renewed focus on better service, increased transparency, and a recovery-oriented strategy. The exchange has also scheduled its 5th town hall meeting to address these issues and outline a path forward for the future. WazirX aims to rebuild investor confidence by forging a new-age decentralized exchange (DEX) that prioritizes security and reliability.
