As a seasoned crypto investor with years of experience navigating the volatile and often murky waters of digital assets, I find myself increasingly concerned about the ongoing saga between WazirX and its digital custody partner, Liminal. The recent statements from both parties have added more confusion than clarity to the situation, and it seems that trust is in short supply.
In the midst of the current debt reorganization involving the hacked Indian cryptocurrency platform WazirX, its digital wallet provider Liminal released a public announcement regarding the reported data breach.
On October 22nd, Liminal issued an update addressing what they termed as a “misinformation strategy” from WazirX, providing more details about their involvement in the situation.
The statement claimed that despite accusing Liminal of causing the $235 million breach in July, WazirX continues using its digital custody services, keeping millions of its assets on Liminal.
WazirX held $175 million with Liminal 75 days after the hack
According to Liminal’s announcement, approximately 175 million dollars worth of assets were being held by WazirX on their platform 75 days post the security event. Moreover, they also mentioned…
“Despite their accusations, as of today, approximately $50 million of their user assets continue to remain on wallets accessed via Liminal Infrastructure.”
cryptoMoon reached out to WazirX seeking their reaction to the allegations made by Liminal, however, no response was received prior to the publication date.
Liminal clarified that they do not have the authority to start transactions using WazirX’s assets; instead, it is the WazirX team who possesses the capability to carry out such financial actions.
Liminal mentions WazirX’s submission of 240,000 wallet addresses to the court
Liminal noted that WazirX revealed details about 240,000 digital wallet addresses as part of the debt reorganization procedure they are undertaking in Singapore.
On October 17th, WazirX declared that their disclosure wasn’t solely due to legal obligations, but it also reflected their dedication to maintaining transparency. Their aim is to establish themselves as one of the most transparent and trustworthy platforms in the exchange market.
As reported by Liminal, data disclosure has faced significant criticism for being a strategy used to spread misinformation, aiming to confuse not only users but also legal officials.
Liminal commented that the extensive document, totaling approximately 1,100 pages, submitted to the exchange, has ignited passionate discussion and worry across the cryptocurrency community.
Liminal’s statement came shortly after CoinSwitch co-founder Ashish Singhal accused WazirX of transferring more than $70 million in users’ crypto to global exchanges Bybit and KuCoin following the alleged security breach in July.
According to Singhal’s statement, a significant amount of cryptocurrency from WazirX has been transferred to exchanges like Bybit and KuCoin following the recent event. At present, we can see that approximately $72.12 million in crypto has been shifted to Bybit, and around $1.5 million has been moved to KuCoin.
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2024-10-22 16:14