WazirX Crypto Heist Update: Exchange Freezes $3M in Stolen Assets
Highlights
- WazirX has frozen $3 million in crypto assets stolen in the $235 million hack.
- The exchange founder Nischal Shetty addresses the move as just the beginning.
- The platform assures that the recovery procedures are going smooth.
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.
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Trump Says Meeting with China May Not Happen, Bitcoin Drops
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill
- Waller Floats ‘Payment Account’ Framework to Provide Crypto Firms Access To Fed’s Payment Rails
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
