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In response to the devastating $230 million security breach, WazirX revealed that it has filed a formal police complaint and is exploring additional legal avenues to hold those responsible accountable.
Immediate actions include reporting the incident to the Financial Intelligence Unit and the Indian Computer Emergency Response Team ., the Indian crypto exchange also said that it has reached out to over 500 exchanges to block the compromised addresses. Many of them are cooperating, and WazirX is now leveraging their support to speed up recovery efforts.
The company’s plan of action focuses on tracing the stolen funds, recovering customer assets, and performing a thorough investigation into the attack. Collaboration with forensic experts and law enforcement is underway to identify and apprehend the culprits behind this massive breach.According to blockchain analytics firm Elliptic, the attack exhibited traits typical of North Korean threat actors, who have exchanged the stolen assets for Ether using decentralized services.
Currently, India lacks a dedicated crypto regulation, and Joanna Cheng, Associate General Counsel at Fireblocks, said that the industry would benefit from clear regulatory expectations on issues like security standards, risk management, and consumer protection., Cheng further added that regulatory intervention in this space would also mean that exchanges that service large numbers of retail customers are held accountable for their actions or inaction.
“We believe that this incident highlights the importance of regulatory clarity and oversight, in order to establish a base level of accountability and investor protection, especially when retail investors are involved.”One Weekly Email Can Change Your Crypto Life.Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments.
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