On September 3, WazirX exchange initiated the second stage of its fiat currency withdrawal procedure, which comes after a significant security breach that led to the pilferage of more than $230 million in user assets.
The exchange is making efforts to reinstate client fund accessibility and has granted consumers the ability to withdraw up to 66% of the aggregate INR value deposited on the platform. WazirX is currently undergoing a restructuring process in Singapore, and this step is of great importance.
The breach that occurred in July resulted in a substantial loss of assets, amounting to $100 million in Shiba Inu (SHIB) and $52 million in Ethereum (ETH). Legal counsel has stated that it is improbable for clients to fully recoup the amount of money they have lost. The predicted best-case scenario anticipates a recovery of around 55% to 57% of the initial assets.
The perpetrator of the security breach initiated the transfer of the pilfered Ether using the cryptocurrency mixer Tornado Cash on September 2nd. This involved about $6.5 million worth of Ether in a total of 16 transactions on the Ethereum network.
The assault on WazirX is thought to have been carried out by the North Korean cybercriminal organization Lazarus, renowned for its involvement in money laundering activities exceeding $1 billion in illicitly obtained monies. Additionally, Lazarus has attracted substantial attention from global sanctions.
