- WazirX recently updated users on its actions following a significant hack.
- The company is moving its assets to new multisig wallets for enhanced security.
- This development has amplified speculation among investors regarding the fate of WRX coin.
WazirX is taking critical steps to secure its assets after a major hack, stirring market speculation regarding the WRX coin’s future.
WazirX Hack: Exchange Severs Ties with Custodian, Migrates Assets
In a strategic move, WazirX announced the migration of its remaining assets to new multisig wallets, ending its partnership with the custodian Liminal. This decision follows a significant exploitation attack on the platform, which heightened concerns over asset security. The exchange revealed that its systems remain secure, but vulnerabilities with the custodian post-incident could not be overlooked.
Market Reaction and Investor Speculations
The hack and subsequent actions taken by WazirX have fueled widespread speculation among the investor community, particularly concerning the WRX token’s market performance. Despite the turmoil, WRX has shown some resilience. As of the latest data, WRX experienced a slight uptick in value, though it remains volatile amidst the broader market uncertainty. Furthermore, the exchange has assured its users that safeguarding crypto assets is its top priority, even though exact timelines for full service restoration remain unclear.
Conclusion
WazirX’s proactive steps to migrate its assets to new multisig wallets signify a committed approach to restoring user confidence and enhancing security. While this move has generated investor interest and discussions, the exchange’s future steps will be crucial in determining user access and the WRX coin’s market trajectory.
