On July 18, 2024, WazirX, an Indian cryptocurrency exchange, was forced to cease its operations, as Lazarus Group, a notorious North Korean hacker group, stole at least $234.9 million from the exchange through a hack attack.
The exchange is preparing to restart its operations. Definitely, it is not going to be a smooth start. The exchange must overcome certain challenges. The biggest one is: regaining trust.
Can the exchange regain trust? Read on!
WazirX’s Security Breach and Relaunch Plans
It was on July 18, 2024, that WazirX was hacked by Lazarus Group. At least $234.9 million was stolen from the Indian cryptocurrency exchange during the hack attack. The stolen funds were transferred to a new address handled by the North Korean hacker group. The attack led to the complete collapse of the exchange. Notably, it has considerably reduced people’s confidence in the exchange.
In a newsletter published by the WazirX team on July 25, 2024, they confirmed the attack. However, they rejected rumours speculating about the total collapse of the platform, stating that the core framework of the platform was not breached. They even expressed confidence in their ability to restart operations in the near future.
Finally, one of the most awaited pieces of news has been released: WazirX is preparing to restart its operations soon.
Reports say that after the hack, the exchange has revamped its entire security framework. However, the big question is: Can it regain trust?
WazirX’s Partnership with Zodia Custody
It appears that this time, the exchange is not ready to take any chances. Yesterday, the exchange revealed that it had appointed Zodia Custody as its official custodian.
Zodia Custody is a highly trusted institution-first digital asset custodian. It is supported by financial giants like Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank, and Emirates NBD.
WazirX’s partnership with Zodia Custody is expected to help the exchange improve its security framework and regain confidence in the exchange.
Zane Suren, Managing Director, Commercial, MEA at Zodia Custody, assured that his organisation would empower WazirX and its users to seamlessly engage with digital assets in a way that protects their capital and complies with local regulation.
Zodia Custody has SOC 1 Type I and SOC 1 Type II accreditations. The organisation can help WazirX keep its users protected from any potential hacking threats.
WazirX co-founder Nischal Shetty expressed confidence in the ability of the partnership to build trust and confidence.
