Altcoin
Will Investors Get Their Money Back?

WazirX Hack Update: On Thursday, July 18, 2024, the Indian crypto exchange WazirX experienced a devastating security breach. The attack resulted in the loss of over $230 million worth of crypto assets. Hence, the users of the crypto exchange have been concerned about their holdings and whether CEX will be able to recover the stolen funds.
WazirX Hack: What Exactly Happened?
WazirX announced via their social media platform X that one of their multisig wallets had been compromised. This wallet was secured using Liminal’s digital asset custody and wallet infrastructure, and it had been in operation since February 2023. The wallet required multiple signatories for transaction approval—three from WazirX and one from Liminal.
However, despite these security measures, the attackers exploited a discrepancy between the data displayed on Liminal’s interface and the actual transaction contents. This allowed the attackers to replace the transaction payload, thereby gaining control over the wallet.
The breach specifically targeted WazirX’s Ethereum multisig wallet, affecting both Ethereum (ETH) and ERC-20 tokens. The attackers managed to steal 15,298 ETH directly. The exploiter subsequently swapped other assets such as Shiba Inu (SHIB), Polygon (MATIC), and Pepe Coin (PEPE) tokens, amassing a total of 59,097 ETH, valued at $218 million at press time.
WazirX Provides Update On Hack & Takes Immediate Action
In response to the breach, WazirX swiftly paused INR and crypto withdrawals to protect remaining assets. Furthermore, they filed a police complaint and reported the incident to the Financial Intelligence Unit (FIU) and CERT-In, India’s nodal agency for responding to cyber incidents. In addition, WazirX also reached out to over 500 exchanges to block the identified addresses involved in the theft.
Moreover, many exchanges reportedly are cooperating with the investigation. WazirX’s preliminary findings and ongoing investigations point to a sophisticated cyber attack that exploited the interface and transaction verification process managed by Liminal.
Both WazirX and Liminal have engaged in a blame game, each accusing the other of lapses in security. Liminal maintains that their infrastructure was not compromised. Additionally, they accused that the breach occurred due to vulnerabilities on the exchange’s side.
Also Read: Just In: Liminal Claims No Responsibility in $230M WazirX Wallet Hack
The Recovery Efforts By WazirX
The path to recovery for the stolen funds is fraught with challenges. On-chain analytics firm Spot on Chain reported that the hacker’s Ethereum holdings have significantly increased following the liquidation of stolen assets. Notably, the hacker has used Tornado Cash, a mixing service, to obscure the origin and destination of funds. This complicates efforts to trace and recover the assets.
In another update on the hack, WazirX has stated that they are working with forensic experts and law enforcement agencies. They aim to track the stolen funds and identify the perpetrators. They have also received support from the crypto community. Hence, multiple individuals and entities offering assistance in the fund recovery process.
Despite these efforts, the nature of the cyber attack and the use of mixing services like Tornado Cash make the recovery of stolen assets a daunting task. However, the majority of the stolen funds, converted to Ethereum, still reside in the hacker’s wallet.
The embargo on these wallets by different crypto exchanges could have led to the funds remaining stagnant. This rightly offers some hope of successful recovery of funds. Nevertheless, if the WazirX hacker manages to transfer the ETH funds to Tornado Cash, chances of a recovery may become slim.
Adding another layer of complexity to the situation, the notorious North Korean hacker group Lazarus is suspected of being behind the WazirX exploit. This group has been linked to numerous high-profile cyber attacks targeting crypto exchanges and financial institutions worldwide. If Lazarus is indeed involved, it underscores the sophisticated and international nature of the threat. This could further complicate the recovery efforts.
Here’s What WazirX Investors Need To Know
For WazirX investors, the immediate concern is whether they will get their money back. Here are the key factors that will influence the outcome:
1. Tracing & Recovery Efforts:
The success of forensic investigations and collaborations with law enforcement and other exchanges will be critical. Identifying the flow of funds and freezing or recovering assets requires advanced cyber forensic techniques and international cooperation. Since, WazirX’s update on hack indicates an active participation of the forensic team, there is a high chance investors might be able to get back their money.
2. Community Support:
The involvement of the entire crypto community, including exchanges and blockchain analytics firms, can significantly enhance the chances of tracing and recovering the stolen assets. Moreover, the Indian exchange has contacted over 500 CEXs for cooperation, which could expedite recovery.
3. Legal Actions:
The outcome of legal actions taken by WazirX, including their police complaint and reports to regulatory bodies, will also play a crucial role. These actions can help in apprehending the perpetrators and potentially recovering some of the stolen funds.
4. Compensation Plans:
In the event that the stolen funds cannot be fully recovered, WazirX may need to come up with compensation plans for affected investors. This could involve leveraging insurance policies, setting up a recovery fund, or other ways to mitigate the impact on investors.
5. Use of Tornado Cash:
The notorious crypto mixer has been used by WazirX exploiters. Hence, if they are successful in transferring the stolen crypto assets to Tornado Cash, a recovery might be next to impossible. Thus, the exchange needs to freeze the exploiter wallets and recover the funds before such a mishap occurs.
6. Not An Inside Job:
Nischal Shetty, founder of WazirX, refuted claims of an insider being involved in the hack. If it were an inside job, the recovery could have been way easier. However, the involvement of a sophisticated hacker group and platforms like Tornado Cash makes it complicated.
In a post on X, he clarified, “The cyber attack stemmed from a discrepancy between the data displayed on Liminal’s interface and the transaction’s actual contents. During the cyber attack, there was a mismatch between the information displayed on Liminal’s interface and what was actually signed. We suspect the payload was replaced to transfer wallet control to an attacker.”
Also Read: WazirX Hack Update: Firm Working With 500 Exchanges And FIU To Recover Funds
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Cardano Price Eyes Massive Pump In May Following Cyclical Patern From 2024

Cardano price is repeating a pattern from 2024 that experts say is a signal for a massive pump in the coming weeks. While present figures are largely underwhelming for ADA, investors are brimming with confidence for a strong reversal in the near future.
Cardano Price Can Reach $2.5 In May
According to pseudonymous cryptocurrency analyst Master Kenobi, Cardano price is exhibiting cyclical behavior. In a post on X, Master Kenobi notes that ADA’s consolidation in recent days mirrors its price action from Q3 of 2024.
At the time, Cardano’s price suffered a steep correction in early August and endured a lengthy consolidation period before rallying. Presently, Cardano’s price is consolidating after the deep in early February that sent prices to $0.49.
“ADA is currently in a consolidation phase that resembles its behavior from August-September 2024,” said Master Kenobi. “Since the dip on August 5, it hasn’t recorded a new low – just as it hasn’t now, following the dip on February 3.”
According to Master Kenobi, a lengthy consolidation phase will be the precursor for an impressive rally for Cardano’s price. The analyst theorizes that the incoming rally will send Cardano to impressive levels in May. In the short term, analysts are eyeing ADA to hit $1, citing rising whale activity and positive fundamentals.
“If this pattern holds, May could bring a massive pump, potentially pushing the price toward $2.5,” said Master Kenobi.
ADA Ripples With Bullish Activity
At the moment, Cardano price is trading at $0.6646, a far cry from its all-time high of $3.10. Despite the lull in price action, the ecosystem is brimming with bullish activity for higher valuation.
Investors have their eyes on $10 after ADA outperformed top S&P 500 companies in a strong show of resilience. Futhermore, increased whale activity in the space is signaling an impending rally for ADA as community sentiment reaches an all-time high.
Analysts have opined that an ADA rally to $10 is not a crazy prediction, citing a slew of positive fundamentals for the network. However, pundits are urging investors to brace for multiple corrections in the march to reach a valuation of $10.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Analyst Reveals Why The XRP Price Can Hit ATH In The Next 90 To 120 Days

Crypto analyst Egrag Crypto has again provided a bullish outlook for the XRP price. This time, he alluded to historical trends to explain why the altcoin can hit a new all-time high (ATH) in 90 to 120 days.
Why The XRP Price Can Hit ATH In 90 To 120 Days
In an X post, Egrag Crypto alluded to historical patterns to explain why the XRP price can hit a new ATH in the next 90 to 120 days. He noted that the RSI chart shows important historical patterns and stated that the altcoin usually has two peaks during its bull runs.
The crypto analyst further revealed that in 2021, the second peak occurred after 90 days, while in 2017, it occurred after 120 days. Based on this, Egrag Crypto affirmed that this historical timeframe provides market participants with a potential for a “great opportunity,” hinting at the altcoin hitting a new ATH.
In another post, he raised the possibility of the XRP price reaching a new ATH of $3.9 by May. This came as he identified an Inverse Head and Shoulder pattern, which was forming for the altcoin. The crypto analyst stated that the measured move is $3.7 to $3.9.
For now, an XRP analysis has shown that the altcoin is struggling at $2.15 amid regulatory uncertainty over SEC Chair nominee Paul Atkins. In his update on this Inverse Head and Shoulder pattern, Egrag Crypto remarked that a close above $2.24, the Fib 0.888, is the next minor target. He affirmed that the pattern is still unfolding as anticipated.
Ripple’s Native Token Could Still Drop Below $2
Crypto analyst Dark Defender has predicted that the XRP price could still drop below $2 before the next leg up. In an X post, he stated that Ripple’s native token is in the 4th Wave of the Monthly Elliott Wave structure.
His accompanying chart showed that XRP could drop to as low as $1.88 on this Wave 4 corrective move. Once that is done, the altcoin will witness its next leg up, rallying to as high as $5.8, which would mark a new ATH.
Dark Defender assured that Wave 4 will end soon and that XRP will continue to reach its targets. The crypto analyst recently affirmed that the altcoin is the “one” and explained why it would dominate Bitcoin and Ethereum.
Crypto analyst CasiTrades also suggested that XRP could further decline before its next leg to the upside. She noted that after the drop to $2.27, the altcoin showed no bullish RSI divergence, which signaled that the drop wasn’t quite done yet.
She added that the coin is now likely heading down to test the 0.618 golden retracement at $2.17, or possibly the golden pocket at $2.15 for a final low before “lift-off.” However, CasiTrades also mentioned that RSI is starting to build the bullish divergence and that the selling pressure is exhausting.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Gemini Crypto Exchange Announces Rewards For XRP Users, Here’s How To Get In


Gemini, the crypto exchange founded by the Winklevoss twins, is promoting its previously launched XRP cashback program, which offers crypto rewards to users. This initiative allows eligible participants to earn rewards on their XRP transactions. Here’s a look at the program details and the steps required to join.
Gemini Founder Unveils XRP Cashback Rewards
On March 27, Tyler Winklevoss reminded the XRP community and Ripple army on X (formerly Twitter) that they can earn rewards in the token whenever they use the Gemini Credit Card for purchases. The Gemini credit card, launched in partnership with Mastercard in 2021, allows users to choose cryptocurrencies from Bitcoin, Ethereum, XRP, and over 50 other digital assets for cashback.
Since adding XRP to its long portfolio of crypto cashback offerings in August 2023, Gemini has continued to support the third-largest cryptocurrency as an option for crypto enthusiasts. The Credit Card reward information announced by Winklevoss was well received by the XRP community.
He explained that the Gemini Credit Card allows users to earn crypto back each time they spend fiat. He clarified that this feature is only available to residents in the United States (US) currently. The Gemini founder also revealed that he has been using the Credit Card for years and has had a great experience accumulating significant crypto rewards from the cashback program.
Gemini’s Credit Card offers tiered cashback rates depending on the purchase categories. A 4% XRP cashback is offered on gas and EV charging, with up to $200 monthly. A 1% XRP cashback is available for fuel and EV charging after exceeding the monthly limit. Finally, a 3%, 2%, and 1% XRP cashback is provided for dining, groceries, and other purchases, respectively.
As XRP continues to push for widespread adoption, this Gemini cashback reward program strengthens its utility and encourages greater usability and investments.
Notably, Gemini isn’t the only crypto exchange embracing XRP in its rewards programs. Platforms like WhiteBIT and Bit2Me have also introduced similar programs. By offering an XRP cashback, Gemini and other crypto exchanges can make crypto more accessible, encourage faster adoption, and reinforce XRP’s role as a digital payment solution.
How To Participate In Gemini’s XRP Cashback
Gemini has specified that users interested in earning XRP rewards from Gemini’s cashback program must first qualify for the exchange’s Credit Card, which depends on their credit score. Approved applicants must secure their cards by June 30, 2025, to participate in the promotional offer.
The crypto exchange also stated that new cardholders could earn up to $200 in XRP cashback if they spend at least $3,000 within the first 90 days. Once earned, the XRP reward will be automatically deposited into their trading accounts on Gemini, enabling users to hold, trade, or sell whenever they wish. The Credit Card also comes with no extra annual, exchange, or foreign transaction fees, allowing crypto users to grow their portfolios continually.
Featured image from SCMP, chart from TradingView

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