Algorithmic Ratings & Investment Analysis
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by aria-ratings.com
May 16, 2025 at 09:12
Delhi Court Initiates CBI Involvement in $235 Million Crypto Heist
A significant crypto fraud case involving the Indian exchange WazirX has garnered national attention.
The Delhi court has proposed that the Central Bureau of Investigation (CBI) take over the investigation of a $235 million cyber heist.
This incident, which occurred on July 18, 2024, resulted in the theft of a substantial amount of cryptocurrency from WazirX’s Multi-Signature Wallets.
WazirX, managed by Zanmai Labs Pvt. Ltd, promptly alerted the Delhi Police's IFSO unit upon discovering the hack.
In connection with the breach, a suspect named SK Masud Alam was arrested in West Bengal last year.
Alam was accused of using a false identity to infiltrate a WazirX account and has since been imprisoned for over eight months.
The presiding judge expressed concerns regarding a potential international criminal network connected to the hack, necessitating thorough investigation.
During interrogation, Alam disclosed a connection to an individual who offered compensation for accessing WazirX credentials.
While the court's recommendation to the CBI has yet to be formalized, the investigation could set a precedent for crypto-related fraud cases in India.
The next hearing regarding Alam’s bail is scheduled for May 19, which may provide further insights into the CBI's involvement.
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