ZachXBT, a prominent figure in the crypto community known for tracking bad actors, recently made a statement regarding the WazirX crypto exchange hack. He clarified that he is not actively tracking the illicit financial activities related to the incident. This comes as a disappointment to many WazirX customers who were hoping for ZachXBT’s expertise in identifying the culprits behind the hack.
The WazirX exchange hack, which occurred on 18 Sep 2024, has left 4.2 million users concerned about the security of their funds. One customer reached out to ZachXBT on Twitter, asking for his help in shedding light on the situation. However, ZachXBT explained that tracking a large hack like the one at WazirX requires significant resources that he does not possess as a single investigator. He also expressed doubts about the trustworthiness of the WazirX team, further complicating the investigation.
In addition to ZachXBT’s statement, many Indian crypto influencers have criticized the leadership of WazirX for damaging the reputation of the Indian crypto community. The lack of transparency and accountability from the WazirX team has only fueled these criticisms.
The WazirX hacking incident involved the compromise of a cold wallet holding $235 million worth of cryptocurrencies. Despite the severity of the hack, no information about the hacker has been made public. Furthermore, major crypto tracking firms like Binance have confirmed that WazirX has not been cooperative in addressing the issue.
Speculation has arisen that an insider may be involved in the hack, as 5 out of 6 signatures required to access the compromised wallet were controlled by WazirX leadership. This has raised questions about the security protocols in place at WazirX and the potential for internal involvement in the breach.
Overall, the WazirX crypto exchange hack has brought significant scrutiny to the Indian crypto community and highlighted the importance of security measures in the digital asset space. As the investigation into the incident continues, users and industry experts alike are eager to see how WazirX addresses the fallout from this breach.