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WazirX Hack: Indian Authorities Arrest Suspect in $230 Million Theft

WazirX Hack: Indian Authorities Arrest Suspect in $230 Million Theft

CoinEdition2024/11/13 16:00
By: Parth Dubey
TON-0.49%
SK Masud Alam has been arrested for alleged connection with WazirX exploit. A chargesheet stated that Alam set up a fake account on WazirX. Alam then sold the fake account to M Hasan on Telegram, who carried out the hack.
  • SK Masud Alam has been arrested for alleged connection with WazirX exploit.
  • A chargesheet stated that Alam set up a fake account on WazirX. 
  • Alam then sold the fake account to M Hasan on Telegram, who carried out the hack.

The Delhi Police in India arrested a suspect in connection with the $230 million hack of Indian cryptocurrency exchange, WazirX. The suspect, SK Masud Alam, is accused of creating a fake account used in the July cyberattack. This arrest marks a significant development in the ongoing investigation. Authorities believe Alam created the account under a false name and then sold it to another individual who executed the hack.

As per a chargesheet filed by the Delhi Police, Alam is suspected of creating a new account on WazirX under the name Souvik Mondal. The authorities believe that the suspect then sold the account to another individual, M Hasan, who is considered to be the person who carried out the actual cyberattack on the Indian crypto exchange

The chargesheet also highlighted the non-cooperation of Liminal Custody, an institutional digital asset custody platform, which was responsible for securing WazirX’s wallets. The investigation is being conducted by Delhi Police’s Intelligence Fusion and Strategic Operations (IFSO) division as the hunt for the person who attacked WazirX’s hot wallet continues.

Liminal Custody Fails to Provide Answers

As per the chargesheet, the authorities asked for crucial information from Liminal Custody but the firm failed to present the information despite multiple notices. The lack of communication from the company has raised questions regarding its custodial services and security features. 

The police stated that as the investigation progresses, Liminal’s role will be further addressed in a supplementary chargesheet. To investigate the incident, three laptops have been seized from WazirX. These laptops were used for signing the transactions from the exchange’s multisig wallets. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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