WazirX ends custody deal with Liminal, begins migration of funds to new wallets after $230 million hack

economictimes.indiatimes.com:

WazirX announced on Wednesday that it is ending its custody arrangement with Liminal Custody following a major hack that resulted in the theft of Rs 2,000 crore ($230 million) from its multisig wallet. The Indian cryptocurrency exchange is currently in the process of migrating its remaining assets from Liminal Custody to new multisig wallets to enhance security. This move comes nearly a month after the breach that saw a significant portion of customer funds disappear.

The hack on July 18 led to the loss of 45% of the exchange's customer funds. To prevent further issues and secure remaining assets, WazirX is taking careful steps to transfer its funds.

“We are in the process of migrating the remaining assets held with Liminal to new multisig wallets,” WazirX said in a statement on X (formerly Twitter). “This step is essential to ensure maximum security of the assets in light of recent events. While we believe our interface and systems remain uncompromised, the same cannot be said for the custodian's interface post the July 18 incident, prompting this precaution.”

WazirX emphasized that it is taking extreme caution during the migration process due to its complexity. “Although we can't provide an exact timeline, rest assured that the