Details of India largest bitcoin theft: a $235 million hack
A significant cryptocurrency fraud case connected to WazirX, one of India’s biggest digital currency trading platforms, is generating widespread national interest. Because of the heist’s size and technical complexity, the Delhi court has recommended that the Central Bureau of Investigation (CBI) handle the investigation.
Case Specifics and the WazirX Breach
The case’s specifics begin on July 18, 2024, when a significant breach in the WazirX platform led to the loss of $235 million worth of cryptocurrency. There are questions over the security of the network’s technical infrastructure because these cash were taken from multi-signature wallets, which are supposed to safeguard users’ assets on the platform.
Following the discovery of the attack, the WazirX platform operator, Zanmai Labs Pvt. Ltd, formally complained to Delhi Police’s IFSO unit, which promptly launched an investigation. SK Masood Alam, one of the primary suspects in the case, was detained in 2023 for his involvement in another hacking event in which he pretended to be “Sovik Mondal” to conduct the attacks.
International Networks and Ongoing Investigations?
Additional Sessions Judge Sumit Das reviewed SK Masood Alam’s bail request on May 1. Alam had been detained for more than eight months. The judge rejected the application once more, citing the possibility of an international criminal network and potentially even official support for the attack, which further necessitated the Central Bureau of Investigation’s (CBI) involvement.
Next Hearing and Anticipated Developments
A fresh hearing is scheduled for May 19, during which Alam’s bail application will be reexamined in light of mounting allegations that foreign groups were involved in the attack. Although the court has referred the matter for additional consideration, which might pave the way for a more extensive inquiry, it has not yet formally turned over the investigation to the Central Bureau of inquiry. This case could rank among the most serious cryptocurrency frauds in India if the evidence is confirmed, and it could have a big effect on the nation’s digital asset market.
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