- First, hackers stripped WazirX of $5 million in two transactions, pointing out various security flaws.
- WazirX has been accused of not freezing the stolen coins and not having a clear strategy in fixing the leakage.
- The hack has given the users a lot of concerns on the rest of their money and the future of the exchange.
Hackers have managed to steal 10,000 ETH from the Indian-based cryptocurrency exchange WazirX. This was where 5,000 ETH was sent yesterday and another 5,000 ETH sent only a few hours ago. This has left the users concerned with safety of their funds, as WazirX still has not been able to ensure safety of the platform. However, the exchange remains unfrozen of the stolen assets, and remains yet to put into effect a solid solution to counter the ongoing attack.
No Freezing Assets” Shifting Blame and Delayed Action
Another major issue perceived by users regarding WazirX includes the inability to freeze stolen assets. Normally when a hack is perpetrated, exchanges are swift to put measures in place that will prevent the transfer of the hacked Cryptocurrencies. Nevertheless, in this case, WazirX has not been able to prevent the hackers from withdrawing large volumes of Ethereum, something that has triggered debates on the efficiency of the platform’s security measures.
However, as the stolen assets keep on changing hands, WazirX has been criticized for how it has handled the breach. Some of the users have complained that the exchange has instead offered an alibi instead of fixing the problem. Specifically, the platform has not provided information on what needs to be done to improve security and when the improvements will be made. Such actions have annoyed the affected users who are left in the dark without any response or any form of closure.
Influence on Users and Its Effects
This breach has put several WazirX users at risk and, for now, there is no fix to the problem. Its future is still uncertain and people cannot have a clear idea whether their remaining money is secured or not; no action has been taken for freezing the assets.
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This is not helped by the fact that the government does not seem to care about the ongoing crisis and this will not do well for the users that are affected.
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