After being hacked for $235 million, WazirX publicly disclosed 240,000 wallet addresses and implemented debt restructuring.

India's largest cryptocurrency exchange, WazirX, was targeted by North Korean hackers in July this year. In order to restructure the debt of its parent company, Zettai Pte Ltd, WazirX has submitted a sworn affidavit to the Singapore High Court and relevant creditors, including approximately 240,000 wallet addresses and asset balances. Submit here.

WazirX Actively Responds to Cyberattack by North Korean Hackers

WazirX suffered a loss of $235 million in a recent cyberattack by North Korean hackers, involving various cryptocurrencies including Shiba Inu (SHIB), Ethereum (ETH), and Polygon (MATIC), which accounted for half of WazirX's total holdings. Following the incident, WazirX took emergency measures to freeze all cryptocurrency and Indian Rupee withdrawals, affecting 45% of user funds.

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Publicizing 240,000 Wallets to Uphold Transparency Principles

Initially, users might have expected WazirX to manage only a few wallets, perhaps in the range of tens to hundreds, but in reality, WazirX has disclosed around 240,000 wallets. The revelation of such a large number of wallets may come as a surprise to many. However, WazirX stated that as an exchange with approximately 4.3 million users, handling tens of thousands of wallets is normal, and the disclosure of this information is to demonstrate WazirX's transparency.

Continuously Integrating Assets, Future Introduction of PoR to Enhance Trust

WazirX explained that users on their platform may have several wallet addresses for receiving cryptocurrency deposits. These wallets are not fixed, single wallets, but are configured based on the exchange's needs. When users transfer cryptocurrency to their WazirX account, the funds first go to a "deposit address." Subsequently, based on specific criteria, these funds are periodically transferred from the deposit address to cold, warm, and hot wallets for WazirX to manage funds centrally and provide trading services.

Currently, WazirX has completed the majority of the token balance clean-up and integration work for "deposit wallet addresses," with approximately 240,000 wallets remaining with token balances. The remaining wallet assets are in the process of being integrated at WazirX. To reduce network costs and ensure asset security, WazirX is handling the integration process in a slow and steady manner and plans to introduce Proof of Reserves (PoR) in the future to further strengthen user trust in WazirX.