secretstalks
The biggest cryptocurrency exchange in India, WazirX, is presently trying to retrieve $230 million in cryptocurrency assets that were lost in a cyberattack on one of its multisignature wallets, in addition to finalizing a plan to relaunch its platform, a top official said.
Crypto wallets, known as multisignature wallets, cannot be unlocked, and funds cannot be removed without two or more private keys.
The exchange lost approximately 45 percent of its assets in the hack that occurred on July 18.
As a significant portion of WazirX’s earnings, according to reports, are still under Binance’s control, the exchange had also contacted Binance, the biggest exchange in the world, and its previous partner, regarding potential support.
The loss of WazirX occurred at a crucial time, as Indian cryptocurrency companies were about to resume talks with government agencies to develop industry regulations. These talks were scheduled to take place following the Union Budget and election results.
The founder and CEO of WazirX, Nischal Shetty, addressed a number of topics in a thorough interview, including recovery strategies, continuing discussions with the government and international peers, and more.
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