The most recent advancements and trends in the cryptocurrency market are highlighted in this week’s collection of cryptocurrency news.
On July 18, WazirX, the largest cryptocurrency exchange in India, was the target of a $230 million attack. The attack targeted a multisignature wallet and may have been related to North Korea. Six signatories—five from the WazirX team and one from Liminal—were in charge of verifying transactions in the wallet.
WazirX described the details of the cyberattack, stating that the problem was caused by a mismatch between the data that Liminal’s interface showed and the real contents of the transaction. The data displayed on Liminal’s interface was found to be incompatible with the data signed during the attack.
Good news for the cryptocurrency market: at least three of the eight asset managers intending to start trading exchange-traded funds linked to Ether’s spot price have received preliminary permission from the Securities and Exchange Commission (SEC).
$230 million was stolen from WazirX
WazirX has acknowledged that $230 million worth of cryptocurrency assets were stolen as a result of a security breach that targeted it. A multi-signature wallet was the target of a cyberattack that cost the company more than $230 million, according to a statement.
Liminal and WazirX accuse each other of hacking
Following the $230 million cryptocurrency exploit, a conflict has arisen between WazirX and Liminal. Due to the event, which included large quantities of Shiba Inu (SHIB) tokens, both parties are now holding one another accountable for the security breakdown.
WazirX has charged Liminal, the custodian in charge of safeguarding the assets, for neglecting to secure the money. In response, Liminal asserted that WazirX’s internal policies and processes were flawed.
WazirX Reports to the Police
In the wake of the hack, WazirX reported the incident to the police. According to Nischal Shetty, CEO of WazirX, the company collaborates closely with law enforcement to find the offenders and make sure that the impacted clients get the help they need during this trying time.
BitForex will resume accepting withdrawals
The cryptocurrency exchange BitForex, which had previously suspended operations due to a Chinese police investigation, is set to resume accepting withdrawals shortly. As a result of the investigation’s intense inspection and subsequent regulatory action, the exchange had to suspend operations in order to cooperate with the authorities. Users can now resume normal operations, the exchange has told users.
State Street Is Thinking About Introducing Stablecoin
One of the biggest financial services companies in the world, State Street, is thinking about introducing tokenized deposits and a stablecoin. The action is a part of a larger trend where conventional financial institutions, or “TradFi” giants, are investigating the advantages of tokenization and blockchain technology to improve accessibility, efficiency, and transparency.
