The post Inside job or cover-up? New accusations add fuel to the WazirX controversy appeared on BitcoinEthereumNews.com.

Could new allegations against WazirX reveal the truth about the July hack, or are frustrated users fueling unfounded conspiracy theories? WazirX under the radar “again” On Jul. 18, India’s crypto community was rocked when WazirX, the country’s largest crypto exchange, announced a devastating hack. A staggering around $235 million (₹2,000 crore) was siphoned from a single wallet, with initial suspicions pointing to the notorious Lazarus Group from North Korea. The exchange quickly attributed the breach to external forces, but the narrative has since taken an unexpected twist. On Nov. 26, a vocal group of WazirX users, rallying under the banner “Justice for WazirX Users,” alleged on X that this might not have been an international cyberattack at all — but an inside job. 🚨 Convince me the WazirX hack was real! A thread 🧵 1/ Feb 2022: India announces a 30% crypto tax 💸 WazirX’s trading volume nosedives, and profits vanish overnight. — Justice for WazirX Users (@IndiasCrypto) November 26, 2024 Their claims are backed by a detailed timeline of events leading up to the hack, portraying a platform grappling with financial strain, regulatory scrutiny, and operational chaos, arguing that the circumstances surrounding the breach are too coincidental to ignore. Could this really have been an inside job? Or are these suspicions simply the result of frustration and a growing sense of distrust? Let’s examine the facts from every angle and see what light they can shed. The dominoes leading to the hack According to the viral Twitter thread, WazirX’s troubles didn’t begin with the hack — they date back to February 2022, when the Indian government imposed a 30% tax on crypto profits.  For WazirX, this policy led to a collapse in overnight revenue. Suddenly, the once-thriving exchange was grappling with reduced user activity and shrinking profits — a…

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Filed under: News - @ November 28, 2024 9:21 pm