Exchange Moves Assets To New MultiSig, Withdrawals Next?

WazirX hack update: Nischal Shetty led Indian crypto exchange has recently revealed a critical update in the aftermath of the exploitation attack on the platform. Today, the crypto firm took to X, revealing that it is withdrawing its remaining assets from a crypto custodian in an effort to solidify user security. Meanwhile, the platform’s colossal user base remains stranded, being unable to withdraw funds nearly a month after the attack.

WazirX Hack: Exchange Migrates Assets From Liminal, Ends Ties With Custodian

As per an official statement by the Indian crypto exchange on X today, August 14, the firm is currently in the process of migrating all of its remaining assets held with the custodian Liminal to new multisig wallets. “This step is essential to ensure maximum security of the assets in light of recent events,” the crypto exchange added.

Recent reports reveal that in the wake of the WazirX hack, the exchange also ended its ties with the abovementioned crypto custodian. This appears to have prompted the decision to migrate the remaining assets. “While we believe our interface and systems remain uncompromised, the same cannot be said for the custodian’s interface post the July 18th incident,” the exchange added.

Simultaneously, Nischal Shetty, the co-founder of one of the leading Indian crypto exchanges, continues to take heat from the nationwide masses. With nearly a month concluding after the $230 million hack, users’ helplessness on the platform has presented it with severe backlash.

Nonetheless, the abovementioned mover to shift assets to new multisig wallets has stirred speculations over a potential solution looming over the horizon. Should the crypto exchange secure its funds, users might be able to see withdrawals soon.

However, the exchange also clarified, “although we can’t provide an exact timeline, rest assured that the safety of crypto assets on our exchange is our top priority.” Besides, WazirX’s native token, WRX, has been trading in tandem with market trends, sparking further investor speculations.

WRX Coin Market Performance

As of writing, the WRX price soared 1.16% in the past 24 hours to reach $0.1347. Its 24-hour lows and highs were recorded as $0.1321 and $0.137, respectively.

The WazirX hack has stirred uncertain market sentiments for its token’s future. The monthly chart for the crypto further shows a 12.67% decline in value, aligning with the hack.

In conclusion, the Indian crypto exchange’s decision to migrate its remaining assets to new multisig wallets underscores a pivotal mover in securing its holdings following the recent exploitation attack. This mover not only enhances security but also offers hope for a potential solution and restoration of user access in the near future.

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