In a significant development in the ongoing WazirX crypto heist case, Delhi Police have detained a man suspected of being involved in the $235 million hack that left millions of investors at a loss. The arrest of SK Masud Alam, a resident of West Bengal, comes after an extensive investigation by the Intelligence Fusion and Strategic Operations (IFSO) division.
According to reports from India Today, Alam allegedly opened and sold a WazirX account to the hacker under the name Souvik Mondal. The account was then reportedly used by another individual, M Hasan, to carry out the massive crypto heist. The Delhi Police have not found any evidence of unauthorized access to WazirX’s systems, suggesting that Alam may be part of a larger network of cybercriminals.
While Alam is currently the only suspect in custody, authorities believe that there may be more individuals involved in the hack. The investigation also highlighted the cooperation of WazirX in providing crucial data for the probe. However, there were concerns raised about the exchange’s digital custody partner, Liminal Custody, for allegedly failing to provide requested details.
In response to these claims, Liminal Custody issued a statement refuting the allegations of non-cooperation and reaffirming their commitment to working with authorities transparently. Despite the ongoing investigations, many WazirX customers remain dissatisfied with the exchange’s response to the hack and its restructuring plan announced in September.
Some users have questioned whether the hack was an inside job or orchestrated by external parties, leading to demands for more transparency and accountability from WazirX. Additionally, there have been reports of users planning a class-action lawsuit against the exchange to recover their total crypto balance instead of the 55% initially promised.
As the investigation into the WazirX crypto heist continues, the arrest of Alam marks a significant development in the case. Authorities are working to uncover the full extent of the hack and bring all responsible parties to justice, while customers continue to seek answers and justice for their lost funds.