Major Breakthrough in WazirX Rs 2,000 Crore Crypto Heist: Bengal Man Arrested
Delhi Police’s Special Cell has made a significant breakthrough in the Rs 2,000 crore crypto heist that shook WazirX, one of India’s prominent cryptocurrency exchange platforms. The accused, SK Masud Alam, was apprehended from East Midnapore district in West Bengal.
In July, WazirX experienced a massive breach that led to the loss of Rs 2,000 crore in digital assets. Alam is believed to have played a crucial role by setting up a fraudulent account to facilitate the cyberattack.
The investigation, which has been described as highly complex due to the intricate nature of crypto transactions, is ongoing. The arrest marks a pivotal step in unravelling the sophisticated operation behind the heist. Meanwhile, Liminal Custody, a digital asset firm mentioned during the probe, has denied any allegations of non-cooperation and clarified its stance in the ongoing investigation.
Authorities are now delving deeper into the connections and transactions involved in the breach, aiming to bring all responsible parties to justice.
Details of the WazirX Cyberattack and Its Impact
On July 18, a major cyberattack targeted WazirX, one of India’s leading cryptocurrency exchange platforms, resulting in the theft of digital assets valued at over $230 million (approximately Rs 2,000 crore). The breach involved a multi-sig wallet with six signatories—five from WazirX and one from Liminal Custody.
The security incident had a significant impact, with WazirX losing nearly 45 percent of its total holding assets. The exchange, which was launched in 2018, enables users to buy, sell, and trade cryptocurrencies including Bitcoin and Ethereum. In addition to spot trading and staking, WazirX also offers peer-to-peer transactions, a native utility token (WRX), and integration with Binance, a global cryptocurrency exchange.
This breach has highlighted vulnerabilities within digital asset platforms and raised concerns about the security protocols in place for protecting user holdings.
Liminal Issues Statement on Cooperation in Investigation
Liminal, a digital asset custody firm, has released a statement to address recent media reports about its involvement in ongoing investigations. The company emphasized its commitment to transparency and cooperation, noting that it has fully engaged with the authorities. Liminal stated that it has formally responded to official inquiries and held direct meetings with officials from the Intelligence Fusion and Strategic Operations (IFSO) unit.
This clarification comes amid speculation regarding the company’s role in the investigation linked to the WazirX cyberattack, where over Rs 2,000 crore in digital assets were compromised. Liminal reiterated its support for the investigative process and affirmed that it continues to assist in the efforts to uncover all relevant facts.
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