- According to WazirX, the assets are being moved to guarantee optimal security.
WazirX, an Indian cryptocurrency exchange, terminated its asset custody agreement with Liminal after it was the subject of a $235 million cyberattack.
WazirX declared in a statement dated August 14 that it was transferring assets from Liminal to brand-new multi-signature (multi-sig) wallets. The purpose of this action is to improve the security of its post-breach assets.
WazirX stated that it was unable to give a schedule for the transference of these assets. To prevent a recurrence of the hacking incident, it would, nevertheless, closely monitor the transfer procedure. It further stated that the replacement wallets containing the digital assets would be released shortly.
Following the hack last month, Liminal and WazirX argued over whose infrastructure was breached by the malevolent players.
While blaming Liminal, WazirX’s post-incident report stressed that neither its interface nor its systems were hacked. On the other hand, the custodial service provider argued that the breach originated with the cryptocurrency exchange and blamed its infrastructure for the incident.
Additional updates
WazirX announced on August 13 that it was almost done restoring balances for trades made between July 18 and July 21. All platform transactions that happened after the withdrawal halt on July 18, 2024, will be reversed as a result of this move.
The business went on to say that it was working with legal professionals to come up with a workable plan for starting withdrawals again on its platform.
Additionally, 344 bounty hunters—security experts and ethical hackers among them—have reported that they are actively pursuing the stolen money.
In order to handle the financial ramifications of the attack, the firm is also in talks with seven partners.
EIP-3074, another important proposal, focuses on giving smart contracts control over EOAs, allowing for more intricate transaction schemes like batch transactions and gas sponsorship. This modification may increase Ethereum’s usability for Web2 users and enhance their overall experience with transactions using decentralized finance (DeFi).
In response to the rising calldata costs, Buterin has proposed EIP-7623, which aims to reduce block size and enhance overall Layer 2 performance. It is expected that this proposal will increase Ethereum’s efficiency, which will help Layer 2 solutions and maybe reduce transaction costs.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
