A new investigation found that the WazirX crypto exchange faced a cyber attack because of negligence by the WazirX team as well as a problem related to the KYC system.
WazirX was the most popular crypto trading exchange among Indian crypto traders, but unfortunately, 5 months ago, this crypto exchange faced a hacking incident & in that incident, the exchange lost nearly 50% of the customers’ funds. Currently, the WazirX leadership is seeking regulatory approval from the court in Singapore to reopen the crypto trading services.
In the initial phase of the investigation in this case, the Indian authorities investigated the case & found that a person named Souvik Mondal was behind the WazirX hacking account.
Later investigation found that Mondal was unemployed as well as he had never heard about cryptocurrencies & someone used his identity to create an account on the WazirX crypto exchange. Reportedly, another person, Masoud Alam, used his KYC details & personal mobile number to create an account.
On investigation, Alam said that he was a small crypto investor only who was contacted by another person, Hasan.
A popular Crypto X (formerly Twitter) account combined all these things in a single thread & noted that such types of disclosures are proof that WazirX’s KYC was not working properly and also the WazirX team ignored millions of worth of cryptocurrency deposits in a WazirX account belonging to an uneducated person, which is a abnormal case.
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As per the latest reports, WazirX extended the expected customer fund distribution date to April 2025, more than 2 months from what was initially planned. As per allegations, the WazirX representative forcibly asked the court to extend the timeline, to get more time to mislead customers.
Read also: Bitcoin Plunges 10% in One Day – Is This the Start of a Massive Rally?
Hacker succeeded in hacking the WazirX crypto wallet because of negligence & fault in the KYC system
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https://bitcoinik.com/hacker-succeeded-in-hacking-the-wazirx-crypto-wallet-because-of-negligence-fault-in-the-kyc-system/feed/
