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The $235 million hack on India's WazirX exchange has raised significant concerns about the security and future of the country's cryptocurrency industry.
There are now major concerns regarding the security of exchanges and the future of cryptocurrency in India following the enormous $235 million attack on the WazirX exchange in India on July 18.
Web3 security firm Cyvers was one of the first to notice "multiple suspicious transactions" utilizing WazirX's "Safe Multisig" Ethereum wallet as the attack progressed with startling rapidity and accuracy.
Hacker Exploits Tornado Cash for $235M Theft
The hacker used assets from the cryptocurrency mixer Tornado Cash to fund each transaction, allowing them to transfer an incredible $234.9 million to a different address.
Instantly after discovering the security flaw, WazirX put a halt to the platform's ability to process cryptocurrency and Indian rupee withdrawals. A statement reading "actively investigating the incident" was also included in the announcement.
Rajagopal Menon, a representative for WazirX, informed Cointelegraph that the company is now unable to comment on the matter. Our Twitter handle is a good place to acquire the latest news.
Implications for India's Crypto Future
In spite of government pressure, India's cryptocurrency sector has thrived, and this attack could spell disaster for them.
Cointelegraph spoke with Utkarsh Tiwari, chief strategy officer of the Indian cryptocurrency exchange KoinBX, who said that a security compromise of this scale will inevitably generate alarm because it impacts many parties in the crypto ecosystem. He continued by saying:
“Under India’s G20 presidency, we have seen our government push for comprehensive and standardized regulations for all global Virtual Assets Service Providers. Furthermore, historically, we have seen the Indian government always prioritize investor protection above all else.”
Consequently, Tiwari thinks the Indian digital asset market and community will demonstrate their resilience and inventiveness by investing more extensively in advanced security infrastructure, which is something that Indian digital asset exchanges are likely to do.
India's Strict Crypto Tax Laws Under Scrutiny Post-Hack
The cryptocurrency sector in India is hoping for an easing of the country's strict crypto tax laws.
On July 23, India's Finance Minister Nirmala Sitharaman will deliver the Union Budget for the upcoming fiscal year, and the cryptocurrency industry is anticipating progressive reforms.
Profits from digital assets, including non-fungible tokens, are subject to a flat 30% capital gains tax in India, which has one of the harshest cryptocurrency tax regimes in the world since 2022. Furthermore, cryptocurrency transactions are subject to a 1% tax that is withheld at the source.
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