WazirXHacked

Indian cryptocurrency exchange WazirX is set to relaunch after a major security breach, partnering with Zodia Custody to enhance asset security and regulatory compliance. The move comes after the platform suffered a significant hack, prompting an overhaul of its security infrastructure and the implementation of stricter compliance measures to prevent future incidents.On March 17, WazirX announced that Zodia Custody, a firm backed by Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank (NAB), and Emirates NBD, will serve as its official custodian. This partnership aims to rebuild user confidence by providing institutional-grade asset protection.
Zodia Custody to Ensure Secure Asset Management
Zane Suren, Managing Director, Commercial, MEA at Zodia Custody, emphasized the importance of a compliance-first approach in WazirX’s relaunch:
“Zodia Custody is proud to partner with WazirX for their much-anticipated relaunch. Providing our knowledge of supporting institutional clients and commitment to a compliance-first approach, we will empower WazirX and its users to seamlessly engage with digital assets in a way that protects their capital and complies with local regulation.”
WazirX co-founder Nischal Shetty also underscored the role of trusted custodians in securing the exchange’s future:
“As WazirX gears up to revive its momentum, the need for trusted partners who share our commitment to an agile and secure asset management system, combined with dependable insurance coverage, becomes urgent.”
WazirX’s partnership with Zodia Custody will leverage SOC 1 Type I and SOC 1 Type II accreditations, ensuring that client assets remain segregated and protected from potential threats.
BitGo Partnership to Further Strengthen Fund Security
In addition to its partnership with Zodia Custody, WazirX recently announced that its Singapore-based entity, Zettai Pte Ltd., has joined forces with BitGo, a regulated digital asset custodian.
Zettai, which is currently undergoing restructuring in the Singapore High Court, selected BitGo Trust due to its proven track record in securing digital assets since 2013. This move aligns with WazirX’s broader strategy to implement stronger risk management protocols and reassure users about fund security.
As WazirX prepares for its highly anticipated relaunch, these strategic partnerships with leading custodians position the exchange as a more secure and transparent trading platform.
The post appeared first on CryptosNewss.com
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It has brought nightmares to almost every user of the WazirX information
exchange due to the losses they have incurred. In the course of the legal processes, issues related to losses and restructuring have emerged as critical issues.

In the midst of this, CoinDCX’s CEO, Sumit Gupta, has stepped up to offer support and a potential solution to help affected users.
Here are the details.
A Message of Empathy and Support
On Twitter, Gupta expressed his understanding of the struggles WazirX users are facing. He, along with CoinDCX Co-Founder Neeraj Khandelwal, showed their support and offered to explore ways to compensate for the losses users have suffered.

CoinDCX’s Potential Plan to Help Users
Gupta explained that CoinDCX has been considering ways to recover users’ funds, including possibly purchasing WazirX to lead this process. However, he mentioned that ongoing legal issues in Singapore are preventing them from acting directly.
‘The matter is still pending in court and it has not produced a clear ruling yet,’ Gupta said.
Restoring Trust in the Crypto Space
As usual, Gupta stressed that one negative incident should not be used to discredit the entire Indian crypto space. In his message to the users, his seven-plus years of experience dealing with Web3 made him promise to restore trust in the crypto market which has left countless users grappling with financial losses and uncertainty post such hacks.
As legal proceedings continue, the main focus remains on recovering funds and holding those responsible accountable. With Gupta’s commitment to helping users, there is hope that solutions may soon be found.
Despite these challenges, Gupta remained determined. He shared that, if the WazirX team reaches out and with the court and creditor approvals, CoinDCX is ready to invest its own funds to help recover the losses.
The question remains—can trust in India’s crypto space be restored, or will the scars of this crisis last forever? Let’s wait and see.
#BinanceSeason #WazirXHacked #WRX