$230 million worth of digital assets stolen by hackers!
News like this shakes the entire crypto community, as crypto is believed to be in a nascent stage. It’s not the first time such an incident has happened. But when we look at our nation, it’s definitely one of the biggest crypto hacks in history.
The crypto community has been raising questions regarding their crypto assets and funds, the security of the platform, and the timelines to get back the stolen funds. The trust, the confidence, everything has shaken.
Recognizing that users’ confidence and trust are the foundations of any organization, WazirX has taken swift and decisive actions to restore confidence. On the contrary, Liminal has been silent on the whole matter.
Immediately after the breach, WazirX suspended deposits and withdrawals to prevent further losses. Shared a preliminary report and day-wise updates to keep their users informed of every step they’re taking to recover the stolen assets. Liminal simply posted a few tweets and blogs and began the blame game.
WazirX knows that, with transparency and proper communication, they can restore confidence and trust during challenging times.
WazirX’s proactive measures didn’t stop at updates. They have been working closely with law enforcement agencies, filing an FIR, and actively participating in the investigation to hold the perpetrators accountable.
They also launched a bounty program, drawing in over 300 ethical hackers to trace the stolen funds and reward them with 10% of the recovered assets.
The users demanded updates on INR and crypto withdrawals from WazirX. To address user concerns, the team actively worked with legal experts to enable INR withdrawals. These actions reflect WazirX’s unwavering dedication to regain user confidence and emerge stronger than ever from this incident.
So, this was all about WazirX, which I have found worth mentioning. And how is it possible that we’re talking about WazirX and not about Liminal Custody, once a trusted custody wallet service provider?
After the hack, Liminal informed its users about the hack. But what else? In the following tweets, they blamed WazirX and its platform’s security. And, yes, a blog post mentioning how WazirX was at fault (just in detail).
Is Liminal simply trying to throw a spotlight on WazirX because of its brand equity? Are they trying to take advantage of this?
Till now, there has not been any solid proof that the breach did not occur on their interface. In contrast, WazirX received a green flag from a globally renowned and leading cybersecurity and investigations firm, which means WazirX’s systems were not compromised during the cyber attack.
There are many questions that people want answers to.
Users’ trust and confidence in Liminal are being questioned; they can’t just post baseless accusations and vanish into thin air.
Kudos to the WazirX team. Through transparency, swift action, and a goal to recover the stolen funds, WazirX is setting a new standard for how crypto exchanges should respond to crises, proving that trust and confidence can be rebuilt even in adversity.