The cryptocurrency world has always been unpredictable, with several opportunities and drawbacks, the latter comprising scams and security breaches. While scams targeted users via fake websites and offers, security breaches targeted organizations and looted their funds. Since its inception, the digital asset industry has had its fair share of both scams and security breaches.
However, the security breach on WazirX startled several traders and investors. The massive breach not only exposed deep security flaws but also raised serious questions about transparency, accountability, and regulatory oversight in the digital asset ecosystem.
Table of contents
- The Inception of WazirX
- Sinister Activity
- How the Attack Unfolded
- Responsibility Issues
- A shockwave for users
- Legal Tangle
- Tentative solution
- Zensui’s New Beginning
- Final Thoughts
The Inception of WazirX
Launched in 2017, the exchange was founded by the trio – Nischal Shetty, Sameer Hanuman Mhatre, and Siddharth Menon – to provide a simple and accessible way for Indian users to trade digital assets. With a user-friendly interface, INR compatibility, and a wide range of digital assets, WazirX became a name to reckon with…
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Source: https://coinedition.com/wazirx-hack-explained-what-happened-whats-next/