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WazirX Hack Update: Delhi High Court orders fresh investigation into $235 million breach, while Binance delists WRX token amid ongoing recovery efforts.
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WRX’s delisting from Binance causes a 51% drop in the token’s value as WazirX faces an investigation into hacking efforts and a $235 million recovery.
WazirX Hack News has taken a dramatic turn when the Delhi High Court ordered a fresh probe into the $235 million breach, after police failed to find criminal evidence in their initial probe. Coinciding with this development, Binance declared its intention to delist WazirX’s native token, WRX, on December 18, increasing challenges for the exchange.
Allegation of fraud and North Korean involvement
The court’s directive came in connection with a cyberattack allegedly perpetrated by a North Korean hacker group that managed to exploit vulnerabilities in the planned platform during the period of July 2024. Although attempts have been made to recover the stolen money, only 57 percent of the lost money amount could be recovered, which implies that 43 percent of the customer’s stolen money cannot be traced.
He also drew attention to Masud Alam, a man from West Bengal, who was arrested in November. It is alleged that Alam registered the fake account which was later sold to a hacker through the Telegram platform to affect WazirX. The real perpetrator of the attack is still at large and this increases the pressure on the police to produce good results.
From the impacts of Binance, delisting and WRX
The ruling came shortly after Binance made the decision to suspend its listings on WRX due to the company’s failure to comply with established operating standards. Although Binance, which has always denied having any involvement in WazirX, says that the mentioned exchange platform operates under the Indian laws of Zanmai Labs.
The delisting that will be implemented on December 25 has already sparked reactions in the market, with the value of WRX falling more than 51% at the time of writing. Regarding operational integrity concerns, investor confidence in the platform continues to decline.
A path to recovery?
Recently, WazirX has stated that it intends to relaunch the platform focusing on better service and greater transparency and has announced its fifth public meeting. It has the vision of beginning to reopen under a recovery-oriented strategy, with the key to forging a new-age DEX.
