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WazirX hack suspect M Hasan flees to Bangladesh amid investigation

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One of the prime suspects in the $238 million WazirX hack, M Hasan, has reportedly fled to Bangladesh, hindering the investigation as the country grapples with the aftermath of a regime change.

The other suspect, SK Masud Alam, was arrested in West Bengal and remains in India. Masud Alam opened a WazirX account under the name Souvik Mondal. M Hasan reportedly bought Alam’s WazirX account via Telegram and used it to perform a cybersecurity breach in July, reports TOI.

Currently, the investigation has encountered a roadblock. However, it remains unclear whether M Hasan is a citizen of Bangladesh. Additionally, the police have not disclosed if the account was involved in the breach.

Investigators will file a supplementary chargesheet after the first chargesheet is filed in November 2024. This chargesheet will contain statements from various individuals associated with another entity that has ties with WazirX.

Masud, a resident of East Midnapore, was arrested in November by the Delhi Special Cell, marking the first step in this massive cryptocurrency hack.

The investigation into the WazirX cyber breach has encountered a setback.

A few days after the hack, WazirX launched a bounty program to recover the stolen assets. In mid-August, WazirX reversed post-cyberattack trades and restored user balances.

When users questioned the crypto exchange’s cyber security measures, WazirX engaged Mandiant, a respectable cyber security agency, to conduct a forensic analysis. Mandiant discovered that the three laptops used to sign transactions for the affected wallet showed no signs of compromise.

In late August, WazirX launched legal restructuring and partial INR withdrawals. The exchange also engaged with 11 crypto exchanges for capital infusion.

Only in October did the Financial Intelligence Unit, Intelligence Bureau, and CERT-In begin an investigation into the hack.

Currently, SK Masud Alam is the only arrest made in the case and remains in judicial custody. The investigation will likely face massive delays because the second suspect is now in Bangladesh.

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Kumar Hemant

Kumar Hemant

Deputy Editor at Candid.Technology. Hemant writes at the intersection of tech and culture and has a keen interest in science, social issues and international relations. You can contact him here: kumarhemant@pm.me

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