Comment by mkagenius
4 months ago
A crypto exchange WazirX was hacked for ~$300M, roughly 50% of the users fund gone.
There is no action on the CEO since the hack in July 2024. He sits in Dubai. He just got a nod from Supreme Court of SG to just average out the funds and distribute it among the users.
No action has been initiated against the company/ceo for losing the fund. He is geared up to launch another company/exchange.
What action can be taken? There's no law against getting hacked or being a moron.
There is a law against gross negligence. Holding client money comes with other obligations too.
It’s not money though. It’s property at best. It doesn’t get held to the same standards.
CryptoBros are all about “no laws, do whatever” right up until the, inevitable, point at which /they/ are getting swindled and then they want to cry foul and run to the authorities.
It’s just like the whole DAO situation which showed “Crypto is immutable and we want to live and die by the code unless of course someone finds a flaw in the code and steals our money, then we will roll back the immutable chain to recover it” what a farce.
3 replies →
Atomic Wallet users lost $100M in June 2023 hack, the company continues to operate as if nothing happened, no word of any restitution to the users.
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