In the wake of the $230 million cyber attack, the debate rages on: Should the focus be on the clash between WazirX and Liminal, or is it time for a united front against the real perpetrators–the hackers?
The recent cyber attack on one of WazirX's multisig wallets, which Liminal Custody managed, has ignited a fierce debate. Both companies find themselves in the spotlight with millions stolen and trust shaken.
WazirX, one of India's largest cryptocurrency exchanges, has been transparent throughout the crisis. They promptly halted deposits and withdrawals, engaged law enforcement, and even launched a bounty program to track the stolen assets, with 10% of the recovered funds as rewards. Their proactive measures and open communication have aimed to reassure their users and restore confidence.
On the other hand, Liminal, the once trusted wallet custody provider, has been facing criticism for its response. While WazirX was quick to act, Liminal has been accused of deflecting blame rather than addressing the issue head-on.
After the breach, Liminal pointed fingers at WazirX, questioning their security measures. However, a month-long forensic analysis by a globally renowned and leading cybersecurity and investigations firm found no compromise on WazirX's end.
Liminal's response has been less than reassuring. They've fired back with denials and accusations, claiming their system was secure. Yet, their failure to publish a detailed report has only fueled skepticism. Adding to the drama, Liminal recently deleted a blog post about securing a $50 million insurance policy, raising questions about their transparency.
However, it’s a common practice for custody providers to have insurance to safeguard their users’ assets. Still, the thought lingers: why was there a need to delete the blog?
Amid this blame game, the real issue remains: the hackers who orchestrated this grand theft.
Instead of a tit-for-tat battle between WazirX and Liminal, the focus should be on combating the threat posed by these cyber criminals. The hackers managed to exploit a bug in Liminal's interface, allowing them to bypass stringent security measures and its whitelisting policy.
This highlights a fundamental problem in the industry—no matter how robust a system may be, you must be vigilant about such sophisticated attacks.
So, should it be WazirX Vs. Liminal, or is it more critical for both companies to unite against the hackers?
The cyberattack exposed vulnerabilities in Liminal's systems and attacked WazirX's wallet, which was managed by Liminal. This makes it clear that a collective effort is needed. By working together, they can address the attack, enhance security protocols, and better protect their users.
The ongoing feud between WazirX and Liminal might be compelling, but the real battle lies elsewhere. The crypto world must build stronger defenses and stay one step ahead of hackers.
The industry can safeguard against future attacks and restore trust in digital asset security through collaboration and shared vigilance.
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