The hack in question did not originate from the exchange’s internal systems. The hack was carried out through a fake account sold through Telegram, and this account was misused by a third party. This stands out as an important finding that shows that the security measures of the WazirX exchange are working properly.

Police state that the arrested suspect made statements that he received payments to sell WazirX accounts to a buyer via Telegram.

The investigation confirmed that there were no security vulnerabilities in WazirX’s internal systems. Following the incident, WazirX provided authorities with the hardware, customer information and transaction records necessary for the investigation.

The Indian Cyber ​​Crime Coordination Center (IFSO) emphasized that the exchange’s internal systems are secure and there are no internal security vulnerabilities.

The exchange’s security measures have previously raised concerns, but these verifications have revealed that WazirX’s internal infrastructure is resilient. However, the attackers managed to bypass security measures by gaining access to the exchange from outside.

According to the criminal complaint, the attackers gained access to WazirX’s multi-signature wallet and stole $235 million worth of cryptocurrencies. This led to the WazirX exchange suffering a huge financial loss. Hackers managed to infiltrate the platform by opening a fake account.

Although WazirX continues to protect the security of its internal system, it has been revealed that the attack was the result of an external intervention.

The suspect stated that he charged a high fee to a buyer who would purchase a crypto account on Telegram.

An independent security review confirmed that WazirX’s internal systems were not compromised and that the attack was carried out by external interference.

The investigation ran into difficulties due to the non-cooperation of third-party service providers. Specifically, Liminal Custody, WazirX’s digital asset custody partner, suggested that WazirX was spreading misinformation to implicate criminals.

Liminal stated that WazirX held $175 million worth of assets on its platform after the attack, but WazirX tried to portray this situation in another way by blaming Liminal.

Liminal stated that WazirX still keeps assets on its platform even though 75 days have passed since the attack.

A WazirX spokesperson said the exchange is still working to move assets stored via Liminal to new multi-signature wallets. This migration is done to increase security after the hacking incident and ensure the security of digital assets.

With this process, WazirX aims to offer more confidence to its users and investors. The security of cryptocurrency exchanges is critical for the entire crypto industry, and such incidents provide valuable lessons on how platforms can become more secure.

Such major hacking incidents require exchanges and platforms to constantly review their security infrastructures and take the highest security measures. At the same time, it is a reminder that investors and users should be more careful when storing digital assets.

This incident experienced by WazirX exchange may affect not only the crypto ecosystem in India but also exchanges around the world. The need for more regulation and control to prevent such events is being discussed more and more every day.