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Previously, India’s largest crypto exchange, WazirX, filed a complaint with the police after experiencing a hack worth USD 230 million, or equivalent to IDR 3,726 trillion (exchange rate of IDR 16,200 per US dollar).

The company has also reported the incident to India’s Computer Emergency Response Team (CERT). The company is reportedly seeking help from India’s premier agency to respond to the computer security incident.

This development comes after a withdrawal of up to USD 230 million due to a security breach affecting one of its wallets.

WazirX said that many crypto exchanges are working with it to track stolen funds, recover customer assets, and conduct deeper analysis of the digital attack.

“The company is also collaborating with forensic experts and law enforcement agencies to identify and apprehend the perpetrators,” WazirX was quoted as saying on the CoinDesk page.

In India, once a complaint is filed, a first information report (FIR) is prepared by the police if a formal investigation is required. This police involvement could mean further scrutiny of WazirX’s accounting, operating systems and security standards.

On this issue, the Indian Finance Ministry declined to comment as cryptocurrencies are not regulated without any law passed by parliament.

This sector is beyond the purview of almost all authorities, except a few like the Financial Intelligence Unit (FIU) under the Indian Ministry of Finance.

However, considering that the WazirX case was a security breach, the incident does not fall under the purview of the FIU.

“There is no specific regulation for crypto in India so far. The industry should benefit from clear rules, security standards and customer protection,” said Joanna Cheng, Associate General Counsel at Fireblocks.