WazirX heist exposes the deeper problem that’s plaguing India’s crypto sector

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Synopsis

On July 18, cryptocurrency platform WazirX suffered the biggest cyberattack on an Indian exchange with hackers stealing over USD230 million worth of investors’ holding. ET Prime puts together what is unfolding at WazirX in the aftermath of the attack through conversation with the company, industry players and users.

On July 28, as Indians flocked to watch the showdown between Deadpool and Wolverine at the theatres, about a dozen WazirX users across the country were involved in a battle of a different sort. It had been 10 days since the attack, and a day after WazirX launched a poll that locked 45% of their crypto assets to distribute the losses. A section of users, majority of them having investments in Bitcoin and rupee deposits and clearly not hit by the

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