- WazirX took proactive steps by migrating assets from Liminal and severing its ties with the company
- WazirX has not provided a timeline for withdrawal resumption, and users continue to face difficulties
We reported earlier that WazirX, the leading Indian cryptocurrency exchange, was hacked and lost $230 million. Now, a month later, new details have arisen.
The company has severed its ties with Liminal and is migrating assets to another multisig wallet.
However, a compensation timeline is unclear, and users are experiencing challenges with withdrawals.
WazirX Hack Reaction and Asset Migration
It is worth recalling that the massive WazirX hack occurred almost a month ago, on July 18, and some time has passed during which the company could have shown some results.
One of these initiatives was migrating all remaining assets from Liminal to newly secured multisig wallets and completely ending its partnership with Liminal.
This decisive and demonstrative action aims to show that WazirX is actively addressing the security concerns surrounding Liminal’s interface while claiming that the company’s internal systems remain uncompromised.
Backlash Challenges After WazirX Hack
Nevertheless, users are expressing widespread dissatisfaction, and difficulties with withdrawing funds from the exchange have persisted throughout this month.
While the migration to new wallets has sparked some optimism, WazirX has not yet presented a clear compensation timeline and has not made any statements regarding the withdrawal issues.
Instead, the company focuses all its efforts on strengthening security measures to counter threats.
Conclusion
This is not the first and certainly not the last hack of cryptocurrency exchanges. Although blockchain technology is initially secure, numerous components are built around it to create a complete product.
All of these can become points of failure, leading to breaches, as seen in the case of WazirX. Companies must take this into account in advance.
This concerns not only technological components and the selection of reliable partners but also a plan for compensating losses to avoid putting users in a difficult position, which, for many, could be catastrophic.
We hope the issue will be resolved soon and would like to remind everyone that even the most advanced technology does not absolve users of responsibility for their decisions.
Storing money on an exchange is not considered the best practice, and this latest incident is a good reminder that risks should always be diversified.
