Day-Wise Report: WazirX Cyber Attack Incident

Incident Overview

On July 18, 2024, WazirX experienced a cyber attack targeting one of its multisig wallets, resulting in the theft of digital assets exceeding $230 million. The affected wallet was managed using Liminal’s digital asset custody and wallet infrastructure. As a result of the attack, our ability to maintain 1:1 collaterals with assets has been deeply impacted.

Day-Wise Report

Oct 17, 2024

Disclosure of 240,000+ wallet addresses: At WazirX, we’ve always believed that transparency is key to building and maintaining trust with our users. Today, we’re taking another step forward in that journey by sharing something important: an affidavit that includes the details of approximately 240,000 wallets with balances. This affidavit will be filed with the High Court of Singapore today as directed and will also be provided to creditors in the ongoing restructuring of Zettai Pte Ltd read more...

Oct 4, 2024

Third Townhall: We hosted our Third Townhall with the community, discussing the formation of the Committee of Creditors (COC) and its crucial role in the restructuring process. The session concluded with a live Q&A.

Oct 2, 2024

Formation of Committee of Creditors (COC): We are in the process of forming a Committee of Creditors (COC) to represent creditors’ interests in the proposed restructuring of Zettai Pte Ltd. The COC will play a critical role in providing feedback, monitoring progress, and facilitating communication between creditors and the company.

Sept 26, 2024

WazirX Granted Four-Month Moratorium by Singapore Court: The Singapore court has granted WazirX a four-month moratorium, affirming the company’s compliance with the legal and procedural requirements under Section 64 of the IRDA. This decisive court ruling highlights WazirX’s commitment to act swiftly and responsibly in the interests of all stakeholders.

Sept 16, 2024

Second Townhall: Our second Townhall addressed the concerns of our users and provided insights into the restructuring process. We shared plans to engage third-party auditors for enhanced transparency.

Sept 12, 2024

Audit Announcement: We have appointed a third-party audit firm to conduct a comprehensive audit of our operations and finances, ensuring accountability.

Sept 7, 2024

User Communication: We increased our communication efforts to keep users informed about the ongoing developments and next steps in the restructuring process.

Sept 3, 2024

Security Enhancements: We’ve implemented additional security measures to safeguard user funds and accounts during this period.

Sept 2, 2024

Withdrawal Phase Update: The first phase of the withdrawal process has been initiated for eligible users.

Aug 28, 2024

Phase 1 Withdrawals Update: We’ve implemented Phase 1 of the withdrawal process for eligible users.

Aug 26, 2024

Extended Deadlines: Due to community feedback, the deadlines for the withdrawal phases have been extended.

Aug 23, 2024

Moratorium Application Filed: WazirX has officially filed a Moratorium Application to protect the interests of stakeholders.

Aug 21, 2024

WazirX to Restructure: WazirX announced plans to restructure and recover from the recent attack.

Aug 19, 2024

Security Measures Updated: Strengthened security measures were implemented to protect user funds.

Aug 16, 2024

Partnership with Law Enforcement: Collaborated with law enforcement to investigate the cyber attack.

Aug 15, 2024

Third-Party Review: Engaged a third-party firm for an independent review of the incident.

Aug 14, 2024

User Support Initiatives: Launched support initiatives for affected users.

Aug 13, 2024

Exchange Operations Resumed: Exchange operations were partially resumed for users.

Aug 8, 2024

Internal Audit Commenced: Initiated an internal audit of the systems.

Aug 6, 2024

Cyber Attack Confirmation: Confirmed the details of the cyber attack to the public.

July 27, 2024

Media Outreach: Engaged with media outlets to provide updates and clarify misinformation.

July 26, 2024

Security Audits Launched: Conducted security audits to identify vulnerabilities.

July 25, 2024

User Communication: Increased communication efforts to keep users informed.

July 24, 2024

Recovery Plans Initiated: Began working on recovery plans for affected users.

July 23, 2024

Global Response Team Formed: Established a global response team to tackle the crisis.

July 22, 2024

Bounty Announcement: Launched a bounty program to recover the stolen assets.

July 21, 2024

Trading Alert: Advised users to refrain from trading during this critical period.

July 20, 2024

Global Outreach: Started reaching out to over 500 exchanges to block identified wallet addresses.

July 19, 2024

User Notification: Immediately informed users about the cyber attack and its potential impact.