$235M WazirX Exchange Hack Has Implications For India’s Crypto Industry

Quick Summary:

The massive $235M hack on the Indian cryptocurrency exchange WazirX on July 18 has raised serious questions about exchange security and the future of India’s crypto industry.

As a result, Tiwari predicts that Indian digital asset exchanges are likely to invest more heavily in advanced security infrastructure, something he believes can help showcase the resilience and innovation of the Indian digital asset market and community.

The stolen funds consisted of a diverse selection of cryptocurrencies, including Tether (USDT), Pepe (PEPE), and Gala (GALA), with the attacker swiftly converting these assets into Ether (ETH) in an attempt to obfuscate the trail of stolen funds.

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Article Details

Author / Journalist: Sofiya

Category: Crypto

Markets: IndiaNorth KoreaMali

Topics: $235M Crypto industry. Hack WazirX Exchange Latest News Implications News

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-23 @ 14:07:32 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinworld.co.in

Language: English

Article Length: 1127 words

Reading Time: 7 minutes read

Sentences: 45 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BitcoinWorld

News ID: 21752576

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About BitcoinWorld

Main Topics: Crypto

Official Website: bitcoinworld.co.in

Update Frequency: 13 posts per day

Year Established: 2020

Headquarters: India

News Last Updated: 11 hours ago

Coverage Areas: India

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