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WazirX, one of India’s largest cryptocurrency exchanges, has suspended all trading activities on its platform days after losing about $230 million, nearly half of its reserves, in a security breach.
The Mumbai-based exchange said in a tweet that the cyber attack had substantially impaired its ability to maintain the critical 1:1 collateral ratio with assets, a move that raises more concerns about the adequacy of WazirX’s reserves and its ability to fully reimburse its customers.
WazirX suspended customer withdrawals earlier this week.
Earlier on Sunday, WazirX announced a bounty program of up to $23 million to reward anyone who could help the firm recover the stolen assets.
This is a developing story. More to follow.
