30s Summary

Indian crypto exchange, WazirX, is undergoing debt restructuring following a hack where its $235 million was allegedly lost. Digital custody partner, Liminal, denies WazirX’s accusation regarding the security breach, pointing out the exchange still uses their services. Further, Liminal criticises WazirX’s disclosure of information on 240,000 wallet addresses during the debt restructuring process, labelling it as potential disinformation. This follows claims that WazirX moved over $70 million in user cryptocurrencies to global exchanges after the purported security breach in July.

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WazirX, an Indian cryptocurrency exchange, is dealing with debt restructuring after a hacking instance. Liminal, the digital custody partner, has issued a statement about the alleged security breach. On October 22nd, Liminal released an update, claiming that despite WazirX blaming them for the security breach where they lost $235 million in July, the exchange continues to use their services, keeping millions of assets on Liminal.

Liminal also stated that 75 days after the hacking, WazirX still held over $175 million in assets on their platform. Liminal emphasized that it isn’t possible for them to initiate transactions involving WazirX’s funds. Only WazirX’s team has this capability.

On a separate note, Liminal also talked about WazirX’s recent move to reveal information on 240,000 wallet addresses as part of the debt restructuring process in Singapore. This disclosure was mentioned on October 17th by WazirX. They said that this was not just a court requirement but also their commitment to transparency. Liminal, though, criticized this disclosure, calling it a potential disinformation campaign designed to confuse users and legal authorities.

Liminal’s statement came just after CoinSwitch’s co-founder Ashish Singhal claimed that WazirX had moved over $70 million in users’ crypto to global exchanges Bybit and KuCoin after the alleged July security breach.

Source: Cointelegraph