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Key Suspect Linked to the $230 Million WazirX Hack Arrested in India

Author: Content Editor
Indian police have arrested a man named SK Masud Alam for his role in the WazirX hack, which resulted in over $230 million in cryptocurrency losses earlier this year. Alam is accused of creating a fake account that was later used to exploit the crypto exchange. The police chargesheet raises concerns about the security practices of Liminal Custody, a firm responsible for securing WazirX's digital wallets, as they allegedly did not provide critical information. The hack led to the loss of nearly 45% of WazirX's stored assets. The exchange launched a recovery plan to return 55% of affected users' holdings and offered a reward for the recovery of stolen funds, but the hacker has remained silent. Users have expressed frustration and outrage as they continue to be unable to access their locked assets, especially during the current bull market where prices are increasing. The exchange's recent launch of a rebalancing calculator has faced criticism from users who feel it is confusing and not addressing their concerns. The article highlights the persistence of crypto hacks, citing examples such as a $50 million breach at Blockchain lender Radiant Capital and hackers targeting the US government's crypto wallets.

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