New Delhi, November 14, 2024 –Bengal man arrested in connection with ₹2,000 crore WazirX crypto heist. Major blow to crypto security as investigation uncovers complex hacking network.
In a dramatic breakthrough, Delhi Police arrested SK Masud Alam, a West Bengal resident, in connection with a massive ₹2,000 crore cyberattack on the cryptocurrency exchange WazirX. The attack, one of India’s most substantial crypto heists, targeted WazirX’s hot wallet, exposing significant vulnerabilities in the exchange’s security.
According to authorities, Alam used a fake account identity, “Souvik Mondal,” which he sold to a secondary player, M Hasan, on Telegram.
The method used was meticulous, utilizing layered identities and untraceable digital wallets to execute the heist.
The hackers managed to breach WazirX’s hot wallet, which is always online for transaction purposes, but were ultimately unsuccessful in compromising its more secure cold wallet.
WazirX, a leading crypto exchange, faced severe financial losses, with 45% of its assets impacted. Alam’s arrest sheds light on a sophisticated network operating behind crypto heists, hinting at a broader problem within the digital asset space.
The need for stronger digital asset security has never been more urgent
Investigators have also reported that Liminal Custody, a digital asset security firm hired by WazirX, has not cooperated fully, potentially hampering further progress. The WazirX hack has ignited concerns across India’s cryptocurrency sector, prompting calls for stringent security protocols to protect investors.
The police have seized three laptops from WazirX, reportedly containing crucial data that could further unravel the cyberattack’s intricacies.
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