WazirX News: The crypto world is abuzz following a massive $235 million hack on one of India’s leading cryptocurrency exchanges. Amid this, Arkham has announced a bounty for information leading to the hacker’s identity or the recovery of the stolen funds.

This breach has sparked debates about its implications on India’s crypto regulations. Meanwhile, recent reports also offer insights into the potential identity of the hackers in the latest breach.

Arkham Announces Bounty Amid WazirX Hack

In response to the $235 million WazirX hack, Arkham announced a bounty of 5000 ARKM coins. They aim to uncover the identity of the hacker or recover the stolen funds.

Arkham’s recent post detailed the hack, listing addresses associated with the hacker. Besides, it offered rewards for identifying a KYC centralized exchange deposit, revealing the exploiter’s identity, and efforts to return the funds. Notably, this bounty could motivate cyber sleuths to solve the case and support WazirX’s recovery efforts.

Meanwhile, prominent crypto detective ZachXBT has already submitted evidence for identifying a KYC centralized exchange deposit, according to his latest comment. His swift action shows the crypto community’s solidarity in tackling cybercrime.

Amid this, blockchain analytics firm Elliptic suggested the breach might be linked to North Korean hackers. Their report indicated that the stolen assets included significant amounts of SHIB, ETH, MATIC, PEPE, USDT, and FLOKI.

Elliptic’s analysis revealed that the hacker swiftly swapped many of these tokens for Ether through decentralized services, an initial step in a typical laundering process. The firm added the hacker’s address to their system, ensuring their clients receive alerts if any stolen funds are detected. This proactive measure highlights the importance of vigilance in the crypto space to prevent further damage.

Also Read: Brad Garlinghouse Expects XRP Lawsuit To End Soon

Impact On India Crypto Regulations

The WazirX hack has reignited discussions about the need for robust crypto regulations in India. The breach’s scale underscores the vulnerabilities that exchanges face and the critical need for stringent security measures.

Regulatory bodies may use this incident to push for more comprehensive oversight of the crypto industry. Meanwhile, a flurry of crypto market experts like Polygon CISO predicts that the recent breach could lead to another “crypto ban” in India.

In addition, the hack’s timing is crucial as India debates its stance on the cryptocurrency landscape. The incident may influence policymakers to accelerate the implementation of regulatory frameworks. Such measures could include mandatory security protocols, regular audits, and stringent KYC norms for exchanges.

In the meantime, the crypto market watches closely as WazirX works to address the breach. The exchange’s response and the success of Arkham’s bounty could set precedents for handling future cyberattacks. The collaborative efforts of the crypto community, regulators, and security firms are vital in mitigating the impact of such incidents.

Also Read: MATIC To POL Token Migration Set For September By Polygon

The post WazirX News: Arkham Announces Bounty, N. Korea Hackers Behind $235M Hack? appeared first on CoinGape.

---

Filed under: News - @ July 18, 2024 11:22 am