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Delhi Police have arrested Masud Alam, a suspect from West Bengal, in connection with the $230 million cryptocurrency theft from the Indian exchange WazirX earlier this year. Authorities believe Alam created a fraudulent WazirX account, later sold on Telegram, which was then used to compromise the platform.
Investigators revealed that the hackers drained WazirX’s “hot” wallet and attempted to breach its more secure “cold” wallet. However, efforts to trace the stolen funds have been hindered as Liminal Custody, a Singapore-based wallet security firm, reportedly declined to cooperate with police requests for data.
WazirX, one of India’s largest cryptocurrency exchanges, had $500 million in reserves as of June. While the company claimed its systems were secure, the breach allegedly exploited external deceptive practices rather than internal vulnerabilities. Police have also seized laptops to investigate the misuse of WazirX’s multi-signature wallets.
This arrest marks a significant breakthrough in the case, though investigations are ongoing.
Investigators revealed that the hackers drained WazirX’s “hot” wallet and attempted to breach its more secure “cold” wallet. However, efforts to trace the stolen funds have been hindered as Liminal Custody, a Singapore-based wallet security firm, reportedly declined to cooperate with police requests for data.
WazirX, one of India’s largest cryptocurrency exchanges, had $500 million in reserves as of June. While the company claimed its systems were secure, the breach allegedly exploited external deceptive practices rather than internal vulnerabilities. Police have also seized laptops to investigate the misuse of WazirX’s multi-signature wallets.
This arrest marks a significant breakthrough in the case, though investigations are ongoing.
