WazirX Ends Custody Relationship With Liminal, Is Moving Funds to New Multisig Wallets

WazirX has decided to end its custody relationship with Liminal and transfer its funds to new multisig wallets to enhance security. The move comes after WazirX experienced a hack in July, where $230 million worth of customer funds went missing. Both WazirX and Liminal blamed each other for the attack, leading to confusion among users. In an effort to protect the remaining assets, WazirX is now migrating them to new wallets. Despite the incident, WazirX believes its own systems were not compromised, but it is taking precautionary measures due to concerns about Liminal’s interface. Liminal has stated that it is cooperating with the migration process. WazirX faced criticism from customers for their inability to withdraw funds and lack of transparency. Co-founder Nischal Shetty has asked for patience while the exchange works to resolve the issue. The migration of funds will be carried out cautiously to prevent further attacks, and WazirX plans to publish a list of the new wallets for transparency once the process is complete.