Key takeaways:
- WazirX has released information on a maintenance window intended to reverse specific deals and recover account balances.
- Since the attack severely impacted the exchange, urgent action is required to secure the remaining funds and resolve the disparities.
WazirX, an Indian crypto exchange, has released information on a maintenance window intended to reverse specific deals and recover account balances.
An X post states that all WazirX services would be momentarily unavailable from 6:00 p.m. IST on August 15 until 2:00 a.m. IST on August 16 due to maintenance.
On July 18, WazirX was compromised, losing $234.9 million worth of crypto assets. Web3 security company Cyvers was the first to discover the problem when it discovered several dubious transactions coming from WazirX’s Safe Multisig Ethereum wallet.
Since the attack severely impacted the exchange, urgent action is required to secure the remaining funds and resolve the disparities. Other exchange users have also voiced their displeasure and concerns about the state of affairs.
WazirX is working to improve security and win back user trust as it moves forward with its restoration strategy. After the migration, WazirX plans to release a list of all new wallets as a step towards openness.
WazirX decided to perform maintenance to ensure that its consumers would receive a fair resolution to the anomalies caused by the attack.
In an effort to lessen the financial impact on its consumers, the exchange is restoring account balances and canceling deals that were conducted following the withdrawal stoppage on July 18 at 1 p.m. IST.
WazirX and Liminal are at odds over who is to blame for the breach caused by the attack. Although Liminal representatives have insisted that their platform was safe, WazirX has argued that the attack was caused by weaknesses in Liminal’s user interface.
To complicate matters, Liminal published a report indicating that compromised WazirX workstations were the source of the exploit.
WazirX announced in a statement on August 14 that it is transferring the remaining assets owned by Liminal to new multisignature (multisig) wallets. This step is crucial to guaranteeing the highest level of asset security.
When processing and validating transactions, a multisig wallet requires several signatures. One signer from Liminal and five from WazirX made up WazirX’s multisig wallet of six sanctioned signers.
Aiming to avoid having the funds blocked or blacklisted, the hacker responsible for the $235 million WazirX vulnerability has switched around $150 million in altcoins to ether.
