A recent hack on WazirX, one of India’s leading cryptocurrency exchanges, has raised serious concerns among its customers. A dedicated account on the social media platform X (formerly Twitter), aimed at uniting WazirX customers, has suggested that the hack might have involved insider knowledge. The incident has left many customers wondering how the hacker knew the exchange’s hot wallet was running low on GALA tokens.
Details of the Hack
According to the report shared by the X account, a hacker deposited approximately ₹1 crore in cryptocurrency into WazirX using a new account that passed the Indian KYC (Know Your Customer) process. The hacker then began trading on the platform, purchasing GALA tokens gradually.
On July 18th, after amassing a significant amount of GALA tokens, the hacker initiated withdrawals. This move slowly drained WazirX’s GALA hot wallet.
In response, the WazirX team transferred more GALA tokens from their cold wallet to the hot wallet, which appeared to be the moment the hacker had been waiting for. This series of events led to the eventual hack, raising alarm among the exchange’s users.
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WazirX Customer Concerns: Was There an Insider?
The key question raised by the X account is how the hacker knew that WazirX’s hot wallet was running low on GALA tokens. The account, which claims to have a “100% Verified WazirX Insider” source, suggests the possibility of insider involvement. The implication is that someone within WazirX might have shared sensitive information about the hot wallet’s status, enabling the hacker to time their withdrawals perfectly.
Calls for Transparency and Action
The customers, organized through this social media account, are calling for transparency from WazirX. They demand answers to critical questions, such as:
1. How did the hacker gain access to information about the GALA hot wallet’s status?
2. What steps are being taken to identify and bring the hacker to justice?
3. Is there any evidence pointing to insider involvement?
These customers are also pushing for WazirX to implement stronger security measures to protect user funds and ensure that such a breach does not occur again. They are urging other WazirX users to join them in demanding accountability and action from the exchange.
Read also: Venezuela’s New Crypto Regulatory Approach: What It Means for Investors?
WazirX Customers Question Possible Insider Involvement in Recent Crypto Hack
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https://bitcoinik.com/wazirx-customers-question-possible-insider-involvement-in-recent-crypto-hack/feed/
