The post WazirX Hack: Shocking Revelations Uncover Binance Connection! appeared first on Coinpedia Fintech News
Pseudonymous blockchain forensic analyst Boring Sleuth has claimed that the wallet which was recently involved in the wazirx
Centralised ExchangeCrypto trading and Information
exploit was once linked to binance
binance
binance@miceneurol.com
Centralised Exchange
This statement has created a lot of debate regarding the security measures of large Cryptocurrency trading platforms.
Historical On-Chain research
On Twitter, Boring Sleuth, an on-chain blockchain forensic analyst tweeted, ‘Based on the historical on-chain analysis, the wallet used in the WazirX heist was previously associated with Binance Exchange. ’ The investigator went further to explain how the WazirX hack is similar to the Rollbit hack. Boring Sleuth has highlighted what seems to be a trend, where the wallet of an exchange is renamed under another exchange only to be hacked.
In fact, Boring Sleuth in his research pointed out that the Wallet address of the WazirX exchange was tagged as “Binance RickyH connected” in early 2023. Such a label was used in several data sites, which pointed at the address as belonging to Binance’s exchange.
The absence of an address label was seen as unreasonable as the change of address just made the analyst suggest that someone tried to hide the source of the wallet.
Implications for Wazirx and Binance
These issues give significant questions of the legitimacy and protection plans of both, WazirX and Binance. If the exploited wallet was a rebranded Binance address it could mean that these exchanges have other problems in their operational techniques.
It has not been very well ascertained whether the rebranding of such names, if it took place, was perhaps done to achieve some specific purpose, but its impact on the aspect of trust and security in the world of crypto is quite profound.
People in the crypto community have given various responses ranging from disbelief and worry. Some of the users have urged, for example, to prove that all these statements made by Boring Sleuth are true, others have only noted that such a situation can indicate critical security weaknesses.
As to the idea that the exploited WazirX wallet was in reality a rebranding of a Binance address, it is still unclear.
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