It Wasn’t Me! Liminal Denies WazirX Breach Allegations on $235M Security Breach
Release: 2024/10/23 22:04 Reading: 241
The WazirX breach accusations have taken a new turn after Liminal, the exchange's strategic digital custody partner, strongly denied responsibility for the July 2024 hacking incident. India's leading cryptocurrency exchange lost $235 million to hackers during the incident.
Liminal issued a statement on October 22, 2024, calling WazirX's accusations a "disinformation campaign." Liminal claims that WazirX continued to use their services after the incident and held over $175 million in crypto on their platform. They insist that the WazirX team had the ability to initiate transactions involving the exchange's funds and that "Approximately $50 million of their user assets remain on wallets accessed via Liminal infrastructure."
Too Little, Too Late
Liminal questioned the timing of WazirX's recent disclosure of 240,000 digital wallets in a Singapore High Court filing. They characterized the move as a belated attempt to improve transparency but criticized it as "too little too late." Liminal expressed concern that the bulky document, containing over 1,100 submissions, would raise more questions than answers within the crypto community.
Liminal's Denial
Liminal's denial follows a series of missteps by WazirX in response to the July 18, 2024, security breach. Initially, WazirX blamed Liminal for the incident, alleging a discrepancy in a multi-sig wallet on Liminal's platform.
WazirX's Lack of Transparency
The WazirX security breach, attributed to the North Korea-based Lazarus Group, initially involved the theft of 15,298 Ethereum tokens, which were later swapped for altcoins. WazirX temporarily suspended withdrawals in crypto assets and Indian rupees to mitigate the damage. However, the lack of timely and substantial updates on recovery efforts left users in the dark about their funds.
Accusations of Fund Transfer
The denial by Liminal came shortly after CoinSwitch co-founder Ashish Singhal accused WazirX of transferring at least $70 million of users' crypto assets to KuCoin and Bybit after the breach. WazirX has not publicly addressed these accusations.
Conclusion
The WazirX security breach has raised serious concerns about the exchange's transparency and accountability. The accusations of fund transfer, coupled with Liminal's denial of responsibility, have further eroded trust in WazirX. The exchange now faces potential legal challenges for its decision to seek justice in Singapore rather than locally.
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