Singapore’s High Court has granted formal approval to WazirX’s restructuring plan, marking a pivotal recovery milestone for the cryptocurrency exchange after last year’s devastating $234 million hack. The ruling enables WazirX to resume operations and begin compensating over 150,000 affected users through token-based distributions, following creditor endorsement of the revised proposal.
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Bombay High Court Orders WazirX to Secure CoinSwitch Funds
In a landmark ruling that reinforces custodial responsibility in India’s cryptocurrency sector, the Bombay High Court has mandated WazirX operator Zanmai Labs to provide bank guarantees worth Rs 45.38 crores ($5.4 million) to protect CoinSwitch’s claims following a devastating $234 million security breach. Justice Somasekhar Sundaresan rejected Zanmai’s attempts to shift blame to Binance and dismissed proposals to distribute losses across all platform users, affirming that custodians must safeguard customer assets regardless of external circumstances.
read moreSBI Crypto Loses $21M in North Korea-Linked Hack
Japanese mining giant SBI Crypto has suffered a sophisticated $21 million theft linked to North Korean state-sponsored hackers, marking another major crypto heist in a year where DPRK-backed groups have stolen over $1.8 billion. Blockchain researcher ZachXBT identified the October 1 breach involving Bitcoin, Ethereum, Litecoin, Dogecoin, and Bitcoin Cash, with funds quickly routed through instant exchanges before entering privacy mixer Tornado Cash, highlighting the growing sophistication of North Korea’s crypto theft operations.
read moreWazirX P2P: Exchange Crypto with 0% Fees
WazirX has emerged as India’s leading peer-to-peer cryptocurrency exchange, offering zero transaction fees and 24/7 trading capabilities that are transforming the digital asset landscape. Acquired by global crypto giant Binance, the platform enables seamless asset transfers between wallets while maintaining robust security measures, positioning itself as the go-to solution for Indian traders seeking efficient USDT/INR trading with exceptional liquidity and rapid settlement times.
read moreBitTorrent Token (BTT): Buying Guide & Exchange Platforms
BitTorrent Token (BTT) is a TRC-10 cryptocurrency launched by TRON Foundation after acquiring the BitTorrent protocol in 2019. Designed to monetize and expand the network’s services, BTT serves multiple utilities including purchasing bandwidth for faster downloads through BitTorrent Speed and accessing decentralized cloud storage via BitTorrent File System (BTFS). The token is available on major centralized exchanges like Binance, Coinbase, Huobi Global, and WazirX, as well as decentralized platforms including PancakeSwap, Uniswap, and SimpleSwap. While BTT leverages BitTorrent’s established infrastructure used by tech giants like Google and Netflix, potential investors should carefully evaluate the token’s risks and benefits before purchasing.
read moreHow to Register a Domain Name on Ethereum Name Service (ENS)
The Ethereum Name Service (ENS) offers a decentralized solution for simplifying Ethereum addresses by allowing users to register human-readable .eth domains. This tutorial provides a detailed walkthrough of the registration process, including setting up a MetaMask wallet, acquiring test Ether on the Ropsten network, and completing the domain registration. While the demo uses a testnet, the same steps apply to the Ethereum mainnet, with real ETH and gas fees. Key considerations include monitoring gas fees for cost efficiency and understanding the roles of registrant and controller in managing the domain. ENS domains enhance usability in DeFi and crypto transactions by replacing lengthy addresses with memorable names.
read moreWazirX Ordered to Disclose Binance Deal in Court
The Delhi High Court has ordered Zettai Pte Ltd, owner of crypto exchange WazirX, to disclose its acquisition agreement with Binance and restructuring scheme details within a week. The directive comes amid creditor demands for transparency following a $235 million hack in July 2024. Singapore’s High Court overturned an earlier rejection of WazirX’s restructuring plan, leading to a revote completed on August 6. Creditors are pushing for a Special Investigation Team to probe the hack, with regulatory bodies like RBI and SEBI now involved. Binance denies owning WazirX, complicating the exchange’s ownership claims. The next hearing is scheduled for August 26.
read moreCrypto Hacks Surge 27% in July, $142M Stolen
Blockchain security firm PeckShield reported a 27% monthly increase in crypto hack losses, totaling $142 million in July across 17 attacks. The WOO X exploit involved social engineering to breach its development environment, while CoinDCX suffered the largest single loss. Despite the uptick, losses remain 46% lower than July 2023’s $266 million, when WazirX’s $230 million breach dominated. The data underscores persistent vulnerabilities in crypto infrastructure despite improved year-over-year security.
read moreIndia Probes Binance, WazirX Over Crypto Security Risks
India’s Financial Intelligence Unit (FIU-IND) is scrutinizing Binance and WazirX for possible vulnerabilities in cross-border crypto transactions, especially those involving unregulated wallets linked to Pakistani accounts. The investigation highlights concerns over illegal funding and money laundering, particularly in sensitive areas like Jammu and Kashmir. Authorities are also examining outbound fund transfers from India to foreign addresses, as global agencies ramp up efforts against illicit crypto activities.
read moreCoinDCX Offers $11M Bounty After $44M Hack
CoinDCX disclosed a $44 million breach on July 19, targeting an operational liquidity account but sparing customer wallets. The exchange launched a 25% bounty (up to $11M) for recovery assistance, with blockchain analysts tracing funds to Ethereum and Solana addresses. The attack, potentially linked to North Korea’s Lazarus Group via Tornado Cash, mirrors past exploits like WazirX’s $235M hack in 2022. CoinDCX has engaged cybersecurity firms and regulators, emphasizing the need for stronger safeguards in centralized exchanges. Industry experts call for decentralized custody solutions and regulatory collaboration to mitigate future risks.
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