Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 13105
Markets: 101189
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
13105
Cryptocurrencies
60.37%
Bitcoin Share
coinpedia 2025-03-07 15:53:55

WazirX Hack News: FIU Launches Probe Into Exchange’s Security Failures

WazirX Hack News: FIU Launches Probe Into Exchange’s Security Failures

The post WazirX Hack News: FIU Launches Probe Into Exchange’s Security Failures appeared first on Coinpedia Fintech News After nearly 7 months, WazirX, one of India’s largest cryptocurrency exchanges, is under intense scrutiny as the Financial Intelligence Unit (FIU) has been ordered to investigate the platform for fraud and security failures. This directive, issued by India’s Ministry of Finance on February 14, 2025, comes months after WazirX suffered a massive ₹2000 crore hack, putting over ₹4500 crore in user funds at risk. Breaking NEWS : India’s Finance Ministry Orders FIU Investigation into WazirX for Fraud! pic.twitter.com/ZUIBAUEVII — Pushpendra Singh (@pushpendrakum) March 7, 2025 Government Cracks Down on Crypto Irregularities The investigation follows a formal complaint filed with the Finance Ministry, prompting Shri Kailash Chand Joshi, Under Secretary (Legal), to escalate the matter. Official documents now task the FIU with uncovering the full extent of WazirX’s alleged fraudulent activities. This move signals stricter enforcement in India’s crypto sector as regulators aim to clamp down on financial misconduct and safeguard investor interests. The hack resulted in significant losses for investors, and nearly 43% of users are likely to lose their funds, with investigations revealing complex hacking techniques and possible internal vulnerabilities. WazirX has been cooperating with authorities but has not yet provided a clear resolution for affected users. Money Laundering Allegations and Binance Connection However, authorities have raised serious concerns over WazirX’s compliance failures. Reports suggest the platform may have facilitated money laundering for fintech firms by failing to enforce proper KYC (Know Your Customer) checks and neglecting to maintain bank account records. The Enforcement Directorate (ED) previously criticized WazirX for weak transaction controls, particularly in dealings with Binance. Adding to its troubles, the exchange’s massive security breach in July 2024—linked to North Korea’s Lazarus Group—exposed significant flaws in its operational safeguards. Investigations revealed discrepancies in transaction data and inadequate wallet security, further raising doubts about the platform’s integrity. Will WazirX Executives Face Legal Consequences? With mounting evidence, speculation is growing that WazirX co-founder Nischal Shetty and key associates could face criminal charges. If the FIU’s probe confirms financial misconduct, severe legal repercussions, including potential jail time, could follow. This case is poised to become a landmark moment in India’s crypto regulation. If wrongdoing is proved, it could lead to stricter rules, tighter oversight, and heightened accountability for exchanges operating in the country. The industry is now watching closely, as the FIU’s findings could reshape the regulations scene for digital assets in India.

Most Read News



Cryptohopper
Market Cap
24h Vol
60.37%
Bitcoin Share
130
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.