The controversial WazirX hack that resulted in the theft of $235 million in crypto sparked discussion about security in the industry. Affected users are demanding robust measures as they are missing out on the selling opportunity amid the bull run.
A $200 million fund movement from Binance and WazirX wallets had the crypto world buzzing. Some are suggesting that the world’s biggest crypto exchange might be stepping up to reimburse WazirX users. However, the hacked Indian crypto exchange has temporarily halted withdrawals and seems to be cooperating with authorities.
Binance bailout or routine rebalancing?
An on-chain Sleuth in an X post flagged $200 million moving to a wallet allegedly controlled by WazirX. This move has sparked theories of what might be a Binance-led bailout. In this pursuit, one user speculated a potential reimbursement deal and suggested “Funding from Binance, likely for equity or token-based compensation.” Others placed 95% odds on a reimbursement announcement.
The on-chain investigator mentioned that WazirX consolidated user funds that were untouched during the hack into a wallet two months ago. The funds were shifted from the deposit addresses and hot wallets. It added that the same wallet (labeled 0x305) received $200 million in different tokens from the wallet 0xb03 which was funded by Binance wallets.
Squashing all the anticipation and brewing all the conspiracy theories, the hacked exchange posted an asset rebalancing reminder. It highlighted that the exchange is in the process of rebalancing tokens. It added that the users might notice fund movement transactions of various cold wallets.
WazirX stated that a temporary consolidation of assets is one of the necessary steps taken before final allocations to secure cold wallets. It urged that once the rebalancing and wallet management efforts are complete, it will share a list of all cold wallets with all the respective tokens held.
