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Exchange Freezes $3M in Stolen Assets
In the latest development in the $235M WazirX hack, the exchange has frozen around $3 million in stolen cryptocurrencies. In an official statement, the platform revealed the recovery updates, freezing the initial portion of stolen assets.
WazirX’s recent move highlights the exchange’s progress in recovering funds lost in one of India’s largest cryptocurrency thefts. Zettai, the parent company of WazirX, disclosed its ties with law enforcement, forensic experts, investigative authorities, and legal specialists to track and recover the stolen funds.
WazirX Hack: Recovery Efforts Underway
While the crypto exchange is successfully navigating the recovery and restructuring procedures in the WazirX hack, founder Nischal Shetty addressed it as “just the beginning.” Adding that the company is fully committed to retrieving the lost cryptocurrencies, he appreciated the users’ support throughout the challenging situation.
Further, Jason Kardachi, Managing Director and Co-Head of Global Restructuring Practice, Kroll, commented on WazirX hack’s recovery scheme, stating,
Efforts to recover Stolen Assets are fully underway and moving in the right direction – between on-chain forensic work and legal avenues against third parties complicit in the Hack and subsequent dissipation, the company is well prepared to maximise the recovery of Stolen Assets for the benefit of Scheme Creditors under a Scheme.
Clients Express Dismay Despite Exchange’s Efforts
WazirX and Zettai have been reportedly working tirelessly to bring a resolution to the crypto hack, which affected 15 million investors. Though the platform repeatedly assured its customers about its efforts to restore the funds, the community raised concerns about the hack.
In November, WazirX unleashed its Recovery Token scheme intended to settle the affected customers debts. According to the announcement, the exchange intended to airdrop tokens in proportion to creditors on their platform balance.
US, Japan, and South Korea Links North Korea to Crypto Heist
The exchange’s asset recovery updates came on the heels of the US, Japan, and South Korea linking the hack to North Korea. Apart from the WazirX hack, the countries associated North Korea to the $308 million DMM Bitcoin theft and the $50 million Upbit hack.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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.
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