Liminal has issued a statement regarding the controversy surrounding WazirX's submission of 240,000 wallet addresses to the Singapore court.

Analysis of 240,000 Wallets

According to Liminal, most of the 240,000 wallet addresses shared by WazirX are hot wallets. Only a few are warm/cold wallets managed through Liminal's infrastructure. These selected wallets held approximately $300 million in balance funds for several days and about $177 million for several months following the incident.

WazirX Situation

The crisis began on July 18, 2024, when WazirX reported a cyberattack on their multi-signature wallet managed by Liminal's infrastructure. The breach resulted in the theft of over $230 million. In August, WazirX sought protection under Singapore's Insolvency Act, requesting a six-month moratorium, but the court granted only four months. Reports emerged of the transfer of approximately $73.63 million in user assets to other exchanges.

WazirX Founder's Stance

WazirX founder Nischal Shetty took to X to address false allegations of trading the moved assets. He stated that some assets are moved to exchanges as they are in the process of onboarding a custodian. He also pointed out that the current reports resemble a coordinated campaign.

The situation surrounding WazirX continues to cause concern within the crypto community. Time will tell how these challenges will be resolved.