Indian cryptocurrency exchange WazirX officially announced via X(Twitter) that it has filed a First Information Report (FIR) in response to a major cyber attack on its multi-sig wallet.
The FIR, filed under the BNS and IT Acts, on 5th August was registered at the PS Special Cell, PS Lodhi Colony, New Delhi, with the Intelligence Fusion & Strategic Operations (IFSO) unit of the Delhi Police handling the case.
The incident has caused serious concerns in the crypto world, draining approximately $230 million from the exchange’s wallet. Many people are outraged and scrutinising the large theft, and many are doubting the effectiveness of the response and investigation procedure.
Nischal Shetty Asks for More Time from Users
Within the crypto world, there has been criticism and irritation due to the delay in registering the FIR. It has remarks like “So you mean to say, in India, it takes 20 days to file an actual FIR after you raise a complaint with the police for an exchange hack?.” Some people have questioned the effectiveness of the police reaction.
In a statement, WazirX’s founder, Nischal Shetty, addressed the concerns directly. “FIR has been filed. Now before conspiracy theorists come forward, let me clarify that we had filed a police complaint the day after the cyber attack and had already announced that a complaint had been lodged,” Shetty wrote.
He further explained that while the complaint was filed promptly, the process of registering an FIR typically takes additional time. Shetty reassured users of WazirX’s commitment to resolving the situation. “Just like all our customers, we too want the culprits of this theft to be caught and the funds recovered. We’re constantly working on progressing towards next steps and solutions. We’ll continue to do that. All we ask for is time so that we can work on the way forward,” he added.
WazirX Continues to Handle Aftermath of the Hack
The WazirX hack has brought attention to weaknesses in cryptocurrency exchange security, leading to a more widespread debate over the requirement for stronger security measures. In addition to WazirX, the issue has larger ramifications for the crypto market in India and elsewhere.
WazirX has promised to cooperate with the investigative authorities and expressed complete trust in them. The exchange is making a concerted effort to locate the stolen funds and prosecute the perpetrators. WazirX is still optimistic that the money will be recovered and those responsible for it brought to justice, despite the obstacles.