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In the latest update following the recent hack, Indian cryptocurrency exchange WazirX has announced that it is migrating its remaining assets to new multisig wallets, a move aimed at enhancing security after the breach. The exchange, co-founded by Nischal Shetty, shared this development on X (formerly Twitter) on August 14, amid ongoing concerns about user security and the ongoing freeze on withdrawals.
WazirX’s Response to the Hack WazirX revealed that it is withdrawing assets from its former custodian, Liminal, following the July 18th incident where the platform suffered a $230 million hack. The exchange has since ended its relationship with Liminal, citing concerns over the custodian’s security interface post-attack. The migration to new multisig wallets is seen as a critical step in securing user funds and restoring confidence in the platform.
WazirX User Withdrawals: A Glimmer of Hope?
With users unable to withdraw funds for nearly a month, the exchange’s latest move has sparked speculation that withdrawals could resume soon. While WazirX did not provide a specific timeline, they emphasized that the safety of crypto assets remains their top priority. The migration to new wallets is expected to be a precursor to reinstating full platform functionality, including user withdrawals.
Backlash and Future Steps Nischal Shetty and WazirX have faced significant criticism from users and the broader crypto community due to the prolonged suspension of withdrawals. However, the recent actions indicate that the exchange is taking steps to mitigate the damage and restore trust.
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The native token of the exchange, WRX, has continued to trade in line with broader market trends, though investor sentiment remains cautious as the situation develops.
As WazirX completes the migration and strengthens its security, users are hopeful that the exchange will soon allow withdrawals, marking a significant step toward recovery from the hack.
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